Partnership Income and Basis Adjustments. Mark and Pamela are equal partners in MP partnership. The partnership, Mark, and Pamela are calendar year taxpayers. The partnership incurred the following items in the current year:a. Sales $450,000b. Cost of goods sold $210,000c. Dividend on corporate investments $ 15,000d. Tax-exempt interest income $ 4,000e. Section 1245 gain (recapture) on equipment sale $ 33,000f. Section 1231 gain on equipment sale $ 18,000g. Long-term capital gain on stock sale $ 12,000h. Long-term capital loss on stock sale $ 10,000i. Short-term capital loss on stock sale $ 9,000j. Deprecition (no Sec. 179 or bonus depreciation components) $ 27,000k. Guaranteed payment to Pamela $ 30,000l. Meals and entertainment expenses $ 11,600m. Interest expense on loans allocable to:Business debt $ 42,000Stock investments $ 9,200Tax-exempt bonds $ 2,800n. Principal payment on business loan $ 14,000o. Charitable contributions $ 5,000p. Distributions to partners($40,000 each) $ 80,0001. Compute the partnership’s ordinary income and separately stated items.2. Show Mark’s and Pamela’s shares of the items in Part a.3. Compute Mark’s and Pamela’s ending basis in their partnership interests assuming their beginning balances are $150,000 each.