A US manufacturing entity shows the following information in its current year financial records:

Net income per books: 700,000

Included in Net Income per books are the following items:

Federal Income Tax expense 250,000

Property taxes 80,000

Dividends received from a 17% owned corporation 150,000

Net 1231 loss 40,000

Short-term capital gain 60,000

Long-term capital gain 70,000

Short-term capital loss 45,000

Charitable contributions 80,000

Based on this information, answer the questions asked in the spaces provided:

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 S corporation. Compute the corporation's non-separately stated(ordinary income) and separately stated items.