Eagle Corporation, an S corporation, reports the following items during 2017:

Sales	$500,000
Cost of goods sold	150,000
Dividends-all qualified	7,000
Interest income on certificate of deposit held as an investment	2,500
Tax-exempt interest income	1,200
Employees' salaries (other than officers)	90,000
Federal employment taxes	6,000
Rental expense	8,000
Officers' salaries (a ll shareholders)	40,000
Net long-term capital gain	8,000
Net short-term capital loss	10,000
Repairs	2,000
MACRS depreciation	12,000
Section 1231 losses	4,000
Charitable contributions	2,000
Amortization of organizational expenditures	1,000
Research and experimentation credit	3,500
Cash distributions to shareholders	12,000

Calculate ordinary income (or loss) by completing page 1 of Form 11205, and complete Schedule K (Shareholders' Shares of Income, Credits, Deductions, etc.). Leave spaces blank on Form 11205 if information is not provided.