Fedderman Corp., an accrual-basis calendar year repair-service corporation, began business on Monday, January 3, 20X1. Feddermans valid S corporation election took effect retroactively on January 3, 20X1.

Assume the following facts:
Feddermans 20X1 books recorded the following items:
Gross receipts					$8,800
Interest income on investments					250
Charitable contributions					1,300
Supplies					2,600
What amount of net business income should Fedderman report on its 20X1 Form 1120S, U.S. Income Tax Return for an S Corporation, Schedule K?

FORMULA should be: {R} - {S}