A has one-fourth and B a three-fourths interest in a partnership that operates a toy manufacturing company. The partnership files its partnership return on the calendar-year basis. The partnership books disclose the following information for the current calendar year:

Sales $235,000

Returns and Allowances 10,000

Opening inventory 50,000

Purchases 50,000

Cost of labor and supplies 105,000

Closing inventory 61,000

Royalties received for use of a patent 1,100

Salaries 26,600

Guaranteed payments to partners (8,400 to each) 16,800

Rent Paid 17,000

Interest expense on business debt (other than payments to partners) 550

Taxes 8,500

Bad debt written off 1,000

Repairs 3,000

Depreciation 2,470

Light, Postage, stationary, etc. 1,680

Net long-term capital gain 600

Dividends 200

Compute the partnership income and the partners distributive shares of items that are required to be separately stated.