What do I do for schedule K and K1

(The following information applies to the questions displayed below) Carrie D'Lake, Reed A. Green, and Doug A. Divot share a passion for golf and decide to go into the golf club manufacturing business together. On January 2, 2021, D'Lake, Green, and Divot form the Slicenhook Partnership, a general partnership Slicenhook's main product will be a perimeter-weighted titanium driver with a patented graphite shaft. All three partners plan to actively participate in the business. The partners contribute the following property to form Slicenhook Partner Contribution Carrie D'Lake Land, FMV $ 460,000 Basil $460,400, Mortgage $ 60,000 Reed A. Green Cash $ 400,000 Doug A. Divot Cash $ 400,000 Carrle had recently acquired the land with the idea that she would contribute it to the newly formed partnership. The partners agree to share in profits and losses equally. Slicenhook elects a calendar year-end and the accrual method of accounting In addition, Slicenhook received a $1,500,000 recourse loan from Big Bank at the time the contributions were made. Slicenhook uses the proceeds from the loan and the cash contributions to build a state-of-the-art manufacturing facility ($1,200,000), purchase equipment ($600,000), and produce inventory ($400,000). With the remaining cash. Slicenhook invests $45,000 in the stock of a privately owned graphite research company and retains $55,000 as working cash Slicenhook operates on a just-in-time Inventory system so it sells all inventory and collects all sales immediately That means that at the end of the year, Slicenhook does not carry any inventory or accounts receivable balances. During 2021, Slicenhook has the following operating results Sales $ 1,126,000 Cost of goods sold 400,000 Interest Income from tax-exempt bonds 900 Qualified dividend income from stock 1,500 Operating expenses 126,000 Depreciation (tax) 5179 on equipment $ 39,000 Equipment 81,000 Building 24,000 244,000 Interest expense on debt 120,000 The partnership is very successful in its first year. The success allows Slicenhook to use excess cash from operations to purchase $15,000 of tax-exempt bonds you can see the interest income already reflected in the operating results) The partnership also makes a principal payment on its loan from Big Bank in the amount of $300.000 and a distribution of $100,000 to each of the partners on December 31, 2021 90e The partnership continues its success in 2022 with the following operating results Sales $ 1,200,00 Cost of goods sold 420,000 Interest income from tax-exempt bonds Qualified dividend income from stock 1. See Operating expenses 132, eee Depreciation (tax) Equipment $ 147, een Building 38,000 177,000 Interest expense on debt 96,00 The operating expenses include a $1,800 trucking fine that one of its drivers incurred for reckless driving and speeding and meals expense of $6,000 (the meals were not provided by a restaurant) By the end of 2022, Reed has had a falling out with Carrie and Doug and has decided to leave the partnership. He has located a potential buyer for his partnership Interest, Indie Ruff, Indie has agreed to purchase Reed's interest in Slicenhook for $730,000 in cash and the assumption of Reed's share of Slicenhook's debt Carrie and Doug. however, are not certain that admitting Indie to the partnership is such a good idea. They want to consider having Slicenhook liquidate Reed's interest on January 1, 2023. As of January 1, 2023, Slicenhook has the following assets Cash Investment-tax exempts Investment stock Equipment-net of depreciation Building-net of depreciation Land Total Tax Basis $ 876,800 15.000 45,000 333,000 -1, 246,000 450,000 $ 2,875,800 FHMV $ 876,800 18,000 45,000 600,000 1,440,000 510,000 $ 3,489,800 Carrie and Doug propose that slicenhook distribute the following to Reed in complete liquidation of his partnership interest Cash Investment stock Equipment-$209,bee cost, net of depreciation Total Tax Basis $.405,000 45,000 111,000 $641.620 FMV $ 485,000 45,000 200,000 5.730,000 Slicenhook has not purchased or sold any equipment since its original purchase just after formation 5 of 9 e. Using the intomation provided, prepare Slicenhook's page 1 and Schedule K to be included with its Form 1065 for 2021. Also, prepare a Schedule K-1 for Carrie (Use 2021 tax rules regardless of year on tax form. Enter any losses as a negative number, otherwise input the rest of the values as positive. Enter percentages rounded to 2 decimal places. Enter any non-financial information, (e.g. Names, Addresses, social security numbers) EXACTLY as they appear in any given information or Problem Statement.) Prepare Form 1065. 1065 PG1 Schedule Schedule ki TE Prepare Slicenhook's Schedule K. Page 4 Foi 100 000 Schedule K Partners' Distributive Share Items Oronery noongeline 23 2 Newest income (5) Colchon) SOS come Total amount 1 2 333.00 (The following information applies to the questions displayed below) Carrie D'Lake, Reed A. Green, and Doug A. Divot share a passion for golf and decide to go into the golf club manufacturing business together. On January 2, 2021, D'Lake, Green, and Divot form the Slicenhook Partnership, a general partnership Slicenhook's main product will be a perimeter-weighted titanium driver with a patented graphite shaft. All three partners plan to actively participate in the business. The partners contribute the following property to form Slicenhook Partner Contribution Carrie D'Lake Land, FMV $ 460,000 Basil $460,400, Mortgage $ 60,000 Reed A. Green Cash $ 400,000 Doug A. Divot Cash $ 400,000 Carrle had recently acquired the land with the idea that she would contribute it to the newly formed partnership. The partners agree to share in profits and losses equally. Slicenhook elects a calendar year-end and the accrual method of accounting In addition, Slicenhook received a $1,500,000 recourse loan from Big Bank at the time the contributions were made. Slicenhook uses the proceeds from the loan and the cash contributions to build a state-of-the-art manufacturing facility ($1,200,000), purchase equipment ($600,000), and produce inventory ($400,000). With the remaining cash. Slicenhook invests $45,000 in the stock of a privately owned graphite research company and retains $55,000 as working cash Slicenhook operates on a just-in-time Inventory system so it sells all inventory and collects all sales immediately That means that at the end of the year, Slicenhook does not carry any inventory or accounts receivable balances. During 2021, Slicenhook has the following operating results Sales $ 1,126,000 Cost of goods sold 400,000 Interest Income from tax-exempt bonds 900 Qualified dividend income from stock 1,500 Operating expenses 126,000 Depreciation (tax) 5179 on equipment $ 39,000 Equipment 81,000 Building 24,000 244,000 Interest expense on debt 120,000 The partnership is very successful in its first year. The success allows Slicenhook to use excess cash from operations to purchase $15,000 of tax-exempt bonds you can see the interest income already reflected in the operating results) The partnership also makes a principal payment on its loan from Big Bank in the amount of $300.000 and a distribution of $100,000 to each of the partners on December 31, 2021 90e The partnership continues its success in 2022 with the following operating results Sales $ 1,200,00 Cost of goods sold 420,000 Interest income from tax-exempt bonds Qualified dividend income from stock 1. See Operating expenses 132, eee Depreciation (tax) Equipment $ 147, een Building 38,000 177,000 Interest expense on debt 96,00 The operating expenses include a $1,800 trucking fine that one of its drivers incurred for reckless driving and speeding and meals expense of $6,000 (the meals were not provided by a restaurant) By the end of 2022, Reed has had a falling out with Carrie and Doug and has decided to leave the partnership. He has located a potential buyer for his partnership Interest, Indie Ruff, Indie has agreed to purchase Reed's interest in Slicenhook for $730,000 in cash and the assumption of Reed's share of Slicenhook's debt Carrie and Doug. however, are not certain that admitting Indie to the partnership is such a good idea. They want to consider having Slicenhook liquidate Reed's interest on January 1, 2023. As of January 1, 2023, Slicenhook has the following assets Cash Investment-tax exempts Investment stock Equipment-net of depreciation Building-net of depreciation Land Total Tax Basis $ 876,800 15.000 45,000 333,000 -1, 246,000 450,000 $ 2,875,800 FHMV $ 876,800 18,000 45,000 600,000 1,440,000 510,000 $ 3,489,800 Carrie and Doug propose that slicenhook distribute the following to Reed in complete liquidation of his partnership interest Cash Investment stock Equipment-$209,bee cost, net of depreciation Total Tax Basis $.405,000 45,000 111,000 $641.620 FMV $ 485,000 45,000 200,000 5.730,000 Slicenhook has not purchased or sold any equipment since its original purchase just after formation 5 of 9 e. Using the intomation provided, prepare Slicenhook's page 1 and Schedule K to be included with its Form 1065 for 2021. Also, prepare a Schedule K-1 for Carrie (Use 2021 tax rules regardless of year on tax form. Enter any losses as a negative number, otherwise input the rest of the values as positive. Enter percentages rounded to 2 decimal places. Enter any non-financial information, (e.g. Names, Addresses, social security numbers) EXACTLY as they appear in any given information or Problem Statement.) Prepare Form 1065. 1065 PG1 Schedule Schedule ki TE Prepare Slicenhook's Schedule K. Page 4 Foi 100 000 Schedule K Partners' Distributive Share Items Oronery noongeline 23 2 Newest income (5) Colchon) SOS come Total amount 1 2 333.00