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In January of 2017, Anam, Siyu and Sehar form an LLC. The three of them will share all profits, losses and gains equally. The LLC will use a calendar...

In January of 2017, Anam, Siyu and Sehar form an LLC.  The three of them will share all profits, losses and gains equally.  The LLC will use a calendar year end.


Below is each Member's initial contribution to the LLC:

Anam  $210,000 cash

Siyu      $150,000 cash and $60,000 of accounting services to the LLC

Sehar  Property with a FMV of $210,000 and basis of $120,000



The following information about the LLC was obtained from the LLC's 2017 records:

Gross Revenue

$400,000

Rent expense

$60,000

Depreciation

$15,000

Supplies Expense

$20,000

Salaries  Expense

$5,000

Interest Income

$6,000

Short-term capital loss

$9,000

Long-term capital gain

$3,000

Charitable contribution

$6,000

Cash distribution to Anam

$60,000

Cash distribution to Siyu

$60,000

Cash distribution to Sehar

$60,000

1.    Please create the LLC's Profit & Loss statement for 2017 and its Balance Sheet at Dec. 31, 2017.

2.    Please prepare Schedule K-1 for one of the LLC Members.

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