Questions in picture- parts a and b. C listed below C. Based on the above information, complete the following table: YearAt-Risk AllowedPassive Activity Loss AllowedPassive Activity Loss Disallowed1 2 **Problem 7-61 (LO 7-4)**Molly Grey (single) acquired a 30 percent limited partnership interest in Beau Geste LLP several years ago for $57,500. At the beginning of year 1, Molly has a tax basis and an at-risk amount of $23,500. In year 1, Beau Geste incurs a loss of $197,500 and does not make any distributions to the partners.- In year 1, Molly's AGI (excluding any income or loss from Beau Geste) is $74,000. This includes $18,900 of passive income from other passive activities.- In year 2, Beau Geste earns income of $37,500. In addition, Molly contributes an additional $31,450 to Beau Geste during year 2. Molly's AGI in year 2 is $77,300 (excluding any income or loss from Beau Geste). This amount includes $16,120 in income from her other passive investments.a. Based on the above information, determine the following amounts:**[Interactive Section for Answers]**Complete this question by entering your answers in the tabs below.Req A1 | Req A2 | Req A3**Based on the above information, complete the following table: (Leave no answers blank. Enter zero if applicable.)**| At-Risk Amount | ||-----------------------------|------------|| Initial year 1 amount | ______ || Allowed loss: | ______ || End of year 1 at-risk amount| ______ || Contribution for year 2 | ______ || BG Income | ______ || Allowed loss: | ______ || End of year 2 at-risk amount| ______ |**Detailed Explanation of Tables/Graphs:**In this section, the student will be expected to calculate various financial figures related to Molly Grey’s investment in Beau Geste LLP based on the given initial values, losses, contributions, and incomes for the specified years. The student should ensure no answers are left blank and enter zero where applicable. This helps in understanding and applying concepts related to at-risk rules in tax basis calculations. ### Problem 7-61 (LO 7-4)Molly Grey (single) acquired a 30 percent limited partnership interest in Beau Geste LLP several years ago for $57,500. At the beginning of year 1, Molly has a tax basis and an at-risk amount of $23,500. In year 1, Beau Geste incurs a loss of $197,500 and does not make any distributions to the partners.- In year 1, Molly's AGI (excluding any income or loss from Beau Geste) is $74,000. This includes $18,900 of passive income from other passive activities.- In year 2, Beau Geste earns income of $37,500. In addition, Molly contributes an additional $31,450 to Beau Geste during year 2. Molly's AGI in year 2 is $77,300 (excluding any income or loss from Beau Geste). This amount includes $16,120 in income from her other passive investments.#### a. Based on the above information, determine the following amounts:Complete this question by entering your answers in the tabs below.![Table Placeholder]**Table: Based on the above information, complete the following table: (Leave no answers blank. Enter zero if applicable.)**| Year | Total Loss | At-Risk Allowed | At-Risk Disallowed ||------|------------|-----------------|--------------------|| 1 | | | || 2 | | | |Complete this question based on the provided problem details.

Costing: Costing is a technique used in cost accounting to determine the cost of a product. With…

Answered: Based on the above information,…

Based on the above information, complete the following table: Year At-Risk Allowed Passive Activity Loss Allowed Passive Activity Loss Disallowed 1 2

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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