Barbara owns 40% of the stock of Cassowary Corporation (a C corporation) and 40% of the stock of Emu Corporation (an S corporation). In the current year, each corporation has operating income of $120,000 (before income tax expense) and tax-exempt interest income of $8,000. Neither corporation pays any dividends during the year. Complete the statements below regarding how this information will be reported by the corporations and Barbara for the current year. Since c corporations are entities, Cassowary Corporation will the operating income and tax- exempt income. An S corporation is a entity. Therefore, will report ordinary business Income of and tax-exempt interest income of $ All work saved