Give me answer within an hour please I will give you upvote immediately its very urgent .... Required information[The following information applies to the questions displayed below.]Julio and Milania are owners of Falcons Corporation, an S corporation. They each own 50 percent of Falcons Corporation.In year 2, Julio and Milania each received distributions of $25,000 from Falcons Corporation.Falcons Corporation (an S Corporation)Income StatementDecember 31, Year 1 and Year 2Year 2Year 1$ 300,000Sales revenue$430,000Cost of goods sold(40,000)(60,000)Salary to owners Julio and Milania(40,000)(80,000)Employee wages(25,000) (50,000)Depreciation expense(20,000) (40,000)Section 179 expense(30,000) (50,000)Interest income (related to12,00022,500business)1,5004,000Municipal bond incomeGovernment fines0(2,000)$ 158,500$ 174,500Overall net incomeDistributions$ 30,000$ 50,000a. What amount of ordinary income and separately stated items are allocated to them for year 2 based on the information above?Assume that Falcons Corporation has $200,000 of qualified property (unadjusted basis).AmountJulioMilaniaOrdinary Income

Ordinary income is any type of income earned by an organization or an individual that is taxable at…

Required information [The following information applies to the questions displayed below.] Julio and Milania are owners of Falcons Corporation, an S corporation. They each own 50 percent of Falcons Corporation. In year 2, Julio and Milania each received distributions of $25,000 from Falcons Corporation. Falcons Corporation (an S Corporation) Income Statement December 31, Year 1 and Year 2 Year 1 Year 2 $430,000 Sales revenue $ 300,000 Cost of goods sold (40,000) (60,000) (40,000) (80,000) Salary to owners Julio and Milania Employee wages (25,000) (50,000) Depreciation expense (20,000) (40,000) Section 179 expense (30,000) (50,000) Interest income (related to 12,000 22,500 business) Municipal bond income Government fines 1,500 4,000 0 (2,000) $ 158,500 $ 174,500 Overall net income Distributions $ 30,000 $ 50,000 a. What amount of ordinary income and separately stated items are allocated to them for year 2 based on the information above? Assume that Falcons Corporation has $200,000 of qualified property (unadjusted basis). Amount Julio Milania Ordinary Income