I have two short accounting questions. Please finish within 2 hours (timed test).

 ATTACHMENT PREVIEW Download attachment1. A review of Bradley’s Year 2 records disclosed the following tax information.Wages$18,000Taxable interest and qualifying dividends4,000Schedule C trucking business net income32,000Rental (loss) from residential property(35,000)Limited partnership (loss)(5,000)Bradley actively participated in the rental property and was a limited partner in the partnership.Bradley had sufficient amounts at risk for the rental property and the partnership. What isBradley’s Year 2 adjusted gross income?2.Smith has an adjusted gross income (AGI) of $120,000 without taking into consideration$40,000 of losses from rental real estate activities. Smith actively participates in the rental realestate activities. What amount of the rental losses may Smith deduct in determining taxableincome?

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