Problem 1. Al, Bob and Cam form an equal partnership as a limited liability company, ABC, LLC, where they are all entitled to one-third of all income and loss from the operations of the business. The business had the following transactions in the first year: Operating Item Separately Stated Item Revenues $1,650,000 _ _ Gain on Sale of Land $52,000 _ _ Interest Income $8,000 _ _ Returns $50,000 _ _ Employee Salaries $150,000 _ _ Partner Salary (Bob) $100,000 _ _ Cost of Goods Sold $800,000 _ _ Rent $100,000 _ _ MACRS Depreciation $45,000 _ _ Section 179 Deduction $60,000 _ _ Interest Expense $15,000 _ _ Contribution to United Way $5,000