A company has the following income, expense, and loss business activities for the current year. Sales: $850,000 Tax exempt interests: $40,000 Long-term capital gain: $85,000 Short-term capital loss: $35,000 Passive activity loss: $20,000 Costs of goods sold: $480,000 Depreciation: $40,000 Section 179 expense: $50,000 Other operating expenses: $200,000 Net operating loss (from previous year): $24,000 Perform the following steps to complete the assignment: 1. Using the Excel spreadsheet template provided, calculate the taxable income for each of the following business entity scenarios. Indicate which tax form(s) a preparer would complete for the business activities in your calculation, and list them in the Tax Form(s) section. . Sole proprietorship Partnership equally owned by Vinnie and Chandra C Corporation owned by Kim S corporation owned equally by Henry, Iris, and Jasmine 2. Any business activities not included in your taxable income calculation must be separately listed with a brief explanation of why the item is excluded from taxable income. Sole Proprietorship Tax form(s) that should be completed for the business activity: Business Activity $ Income $0.00 Separately stated Items: $ Explanation Partnership Tax form(s) that should be completed for the business activity: Business Activity $ Income $0.00 Separately stated Items: $ Explanation C Corporation Tax form(s) that should be completed for the business activity: Business Activity $ Income $0.00 Separately stated Items: $ Explanation s Corporation Tax form(s) that should be completed for the business activity: Business Activity $ Income $0.00 Separately stated Items: $ Explanation