A US entity that begin business last year shows the following information in its current year financial records: Sales: 700.000 Cost of goods sold: 100,000 Federal Income Tax Expense 150.000 Property Taxes 30,000 Dividends Received from a 17% Owned Corporation 200,000 Net 1231 Loss 45,000 Short-term capital gain 55,000 Long-term capital gain 75,000 Short-term capital loss 25,000 Charitable Contributions 60,000 Last year, the entity generated a taxploss of $30,000. The charitable contribution limitation is 10%. NOL carryforwards are NOT subject to the 80% limitation. Required (a and b): a) Assume that the corporation is a C Corporation. Provide a schedule showing the corporation's taxable income for the year b) Assume that the corporation is an Scorporation. Compute the corporation's non-separately stated (ordinary income) and separately stated items. A US entity that begin business last year shows the following information in its current year financial records: Sales: 700.000 Cost of goods sold: 100,000 Federal Income Tax Expense 150.000 Property Taxes 30,000 Dividends Received from a 17% Owned Corporation 200,000 Net 1231 Loss 45,000 Short-term capital gain 55,000 Long-term capital gain 75,000 Short-term capital loss 25,000 Charitable Contributions 60,000 Last year, the entity generated a taxploss of $30,000. The charitable contribution limitation is 10%. NOL carryforwards are NOT subject to the 80% limitation. Required (a and b): a) Assume that the corporation is a C Corporation. Provide a schedule showing the corporation's taxable income for the year b) Assume that the corporation is an Scorporation. Compute the corporation's non-separately stated (ordinary income) and separately stated items