Required information Problem $22-52($LO $22-3)($Static$)[$The following information applies to the questions displayed below.$]$ Julio and Milania are owners of Falcons Corporation, an S corporation. Each owns $50$ percent of Falcons Corporation. In year $1,$ Julio and Milania each received distributions of $\backslash$$$15,000$ from Falcons Corporation. $\backslash$begin$\{$tabular$\}\{|$c$|$c$|$c$|\}\backslash$hline $\backslash$multicolumn$\{3\}\{|$l$|\}\{$Falcons Corporation $($an S Corporation$)$ Income Statement December $31,$ Year $1$ and Year $2\}\backslash \backslash \backslash$hline & Year $1$ & Year $2\backslash \backslash \backslash$hline Sales revenue & $\backslash$$ $300,000$ & $\backslash$$ $430,000\backslash \backslash \backslash$hline Cost of goods sold & $\backslash ((40,000)\backslash )$ & $\backslash ((60,000)\backslash )\backslash \backslash \backslash$hline Salary to owners Julio and Milania & $\backslash ((40,000)\backslash )$ & $\backslash ((80,000)\backslash )\backslash \backslash \backslash$hline Employee wages & $\backslash ((25,000)\backslash )$ & $\backslash ((50,000)\backslash )\backslash \backslash \backslash$hline Depreciation expense & $\backslash ((20,000)\backslash )$ & $\backslash ((40,000)\backslash )\backslash \backslash \backslash$hline Section $179$ expense & $\backslash ((30,000)\backslash )$ & $\backslash ((50,000)\backslash )\backslash \backslash \backslash$hline Interest income $($related to business income$)$ & $12,000$ & $22,500\backslash \backslash \backslash$hline Municipal bond income & $1,500$ & $4,000\backslash \backslash \backslash$hline Government fines & $0$ & $\backslash ((2,000)\backslash )\backslash \backslash \backslash$hline Overall net income & $\backslash$$ $158,500$ & $\backslash$$ $174,500\backslash \backslash \backslash$hline Distributions & $\backslash$$ $30,000$ & $\backslash$$ $50,000\backslash \backslash \backslash$hline $\backslash$end$\{$tabular$\}$ Problem $22-52$ Part a $($Static$)$ a$.$ What amount of ordinary income and separately stated items are allocated to them for year $1$ based on the information above? Assume that Falcons Corporation has $\backslash (\backslash$$ $200,000\backslash )$ of qualified property $($unadjusted basis$).\backslash$begin$\{$tabular$\}\{|$c$|$c$|$c$|$c$|\}\backslash$hline Ordinary Income & Amount & $\backslash$begin$\{$tabular$\}\{$c$\}$ Allocated to $\backslash \backslash$ Julio $\backslash$end$\{$tabular$\}$ & $\backslash$begin$\{$tabular$\}\{$c$\}$ Allocated to $\backslash \backslash$ Milania $\backslash$end$\{$tabular$\}\backslash \backslash \backslash$hline & & & $\backslash \backslash \backslash$hline & & & $\backslash \backslash \backslash$hline & & & $\backslash \backslash \backslash$hline & & & $\backslash \backslash \backslash$hline & & & $\backslash \backslash \backslash$hline & & & $\backslash \backslash \backslash$hline $\backslash$end$\{$tabular$\}$