2. Assume that Olive Corporation, in comprehensive Problem 1, is an S corporation owned 50 percent by Linda Holiday and 50 percent by Ralph Winston. The corporation is not subject to any special taxes. Using the relevant information given in comprehensive problem 1 and assuming the corporations retained earnings are $33,000 instead of $ 30,450, accounts payable are $2,000 instead of $4,550, and no estimated tax payments are made, complete form 1120S for Olive Corporation and Schedule K- for Linda on pages 11-43 through 11-48. Assume there were no cash distributions during the year.

***** I only need the answers to question 2 there should be a 1120S and a schedule K for Linda HELPPPP****

Gross income from operations Qualified dividends received from a 35 percent- $ 270,000 owned domestic corporation 20,000 $ 290,000 (110,000) 180,000 Total gross income Cost of goods sold Total income Other expenses Compensation of officers Salaries and wages Bad debts (direct charge-offs) Repairs Depreciation for book and tax purposes Advertising Payroll taxes $77,000 30,000 9,000 3,000 10,000 2,000 16,000 Total other expenses Net income (before federal income tax expense) (147,000) $$33,000 The Olive Corporation Balance Sheet as of December 31, 2017 Assets Cash Accounts receivable Inventory (at cost) $30,000 20,000 70,000 90,000 (10,000 quipment Less: accumulated depreciation Total assets $200,000 Liabilities and owners' equity: Accounts payable Note payable (due in 10 years) Common stock Retained earnin $4,550 85,000 80,000 30,450 gs Total liabilities and owners' equity $200,000