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An S Corporation has the following information: Sales 120,000.00 Dividend income 2,500.00 Tax-exempt interest 3,000.00 Long-term capital gain 10,000.00 Short-term capital gain 5,000.00 Cost of

An S Corporation has the following information:
Sales 120,000.00
Dividend income 2,500.00
Tax-exempt interest 3,000.00
Long-term capital gain 10,000.00
Short-term capital gain 5,000.00
Cost of goods sold 60,000.00
Advertising expense 1,000.00
Charitable contributions 1,500.00
Interest expense 5,000.00
Salary expense 30,000.00
Other operating expenses 10,000.00
Compute the S Corporation's ordinary business income (loss) for the year that would be reported on Page 1, Line 21 of the Form 1120-S

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