Module 2 Tax Return Problems u Saved Help 8o Part2 of2 18.75 points eBook Ask References Required information [The following information applies to the questions displayed below] Aaron, Deanne, and Keon formed the Blue Bell General Partnership at the beginning ofthe current year. Aaron and Deanne each contributed $108,000 and Keon transferred an acre of undeveloped land to the partnership. The land had a tax basis of $72,000 and was appraised at $180,000. The land was also encumbered with a $72,000 nonrecourse mortgage for which no one was personally liable. All three partners agreed to split prots and losses equally. At the end of the rst year, Blue Bell made a $6,300 principal payment on the mortgage. For the rst year of operations, the partnership records disclosed the following information: Sales revenue $ 470,000 Cost of goods sold 450,000 Operating expenses 55,000 Longterm capital gains 2,100 1231 gains 900 Charitable contributions 300 Municipal bond interest 300 Salary paid as a guaranteed payment to Deanne (not included in expenses) 3,000 c. Using the information generated in answering parts (a) and (b), prepare Blue Bell's page1 and Schedule K to be included with its Form 1065 for its rst year of operations, along with Schedule K-1 for Deanne. (Use 2021 tax rules regardless of year on tax form. Percentages should be rounded to two decimal places. Losses should be entered as negative numbers and input all other values as positive numbers.) Save & Exlt Submlt Check my work