(Answered) Question - carol owns 40 of cj partnership the partnership

Accounting

Question - Carol owns 40% of CJ Partnership. The partnership reports $170,000 of revenue, $60,000 cost of goods sold, and $70,000 of other expenses that include $1,500 of doctor bills paid for Carol, a $2,000 charitable contribution, and a $5,000 Section 179 deduction. What is the bottom line net income reported on Carol's Schedule K-1?

1. $48,500

2. $40,000

3. $19,400

4. $16,000

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