Connie & Bonnie are equal shareholders in C & B Restaurant, an S corporation.. The corporation has been an S Corporation since it was formed in 2006. The results of C&B corporation in the current year as follows:

Sales $200,000

Supplies 90,000

Salaries 50,000

Depreciation 5,000

Interest on business loan 1,000

Charitable contributions 3,000

Advertising 4,000

Utilities expense 6,000

Property taxes 1,000

Gain on the sale of

investment land (long-term) 8,000

Distributions to shareholders ($10,000 each) 20,000

1. Compute C&B Corporation's ordinary income & separately state item
2. What is Connie & Bonnie's share of the items in part a

3. Compute Connie & Bonnie's ending stock basis assuming their beginning balances are $50,000 each