Eagle Corporation, an S corporation, reports the following items during 2021:

Calculate ordinary income (or loss) by completing page 1 of Form 1120-S, and complete Schedule K (Shareholders’ Shares of Income, Credits, Deductions, etc.). Leave spaces blank on Form 1120-S if information is not provided.

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