J. Bean and D. Counter formed a partnership. During the current year, the partnership had the following income and expenses:

Gross income from operations


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Gain on sale of antique abacus (a business asset)

$ 4,000

Interest income from business bank account


$ 100



Salaries to employees

$ 65,000

Payroll taxes

$ 6,000


$ 8,000


$ 3,500

Contribution to United Way charity

$ 2,000



Distributions to the partners

$ 40,000