B. Tax Year 2020 X-Rays obtained the following results in its operations as of December 31, 2020 under the accrual method. Assume that all income was collected, and all expenses were paid within the taxable year. | Quantity Descripcion Earnings Services Qualified dividends Municipal bond interest $350,000 50,000 10,000 Expenses Administrative Shareholder salary Jennifer Depreciation/amortization Meals and entertainment 225,000 40,000 10,000 10,000 Additional Information: 1. The corporation distributed $ 10,000 in cash to each shareholder on December 30, 2020. 2. Annual depreciation / amortization is distributed to $5,000 the building, $ 3,000 equipment, $ 1,000 program, and $ 1,000 license. Questions: a. Determine the net income (loss) subject to X-Rays tax as of December 31, 2020. b. Compute the corporation's income tax for tax year 2020 C. Compute X-Rays Earnings & Profits Balance as of December 31, 2020. d. Explain whether it is necessary to make any adjustment to the basis of the shares held by the shareholders as a result of the results of operations in 2020