Jack, a geologist, had been debating for years whether or not to venture out on his own and operate developed a lot of solid relationships with clients, and he believed that many of them would follow him employer. As part of a New Year's resolution, Jack decided he would finally do it$.$ Jack put his business of this year, Jack opened his doors for business as a C corporation called Geo$-$Jack $($GJ$).$ Jack is the so the following financial information for the year $($assume GJ reports on a calendar year, uses the accrua elects to account for inventory$).1.$ In January, GJ rented a small business office about $12$ miles from Jack's home. GJ paid $$14,500,$ deposit of $$5,800$ and rent for two years $($$$4,350$ annually$).2.$ GJ earned and collected $$365,000$ performing geological$-$related services and selling its special $3.$ GJ received $$70$ interest from municipal bonds and $$2,250$ interest from other investments. $4.$ GJ purchased some new equipment in February for $$50,000.$ It claimed depreciation on these a amount of $$7,665.5.$ GJ paid $$7,750$ to buy luxury season tickets for Jack's parents for State U football games. $6.$ GJ paid Jack's father $$13,000$ for services that would have cost no more than $$7,800$ if Jack had perform the services. While Jack's dad was competent, he does not command such a premium fi $7.$ In an attempt to get his name and new business recognized, GJ paid $$7,750$ for a one$-$page ad ir paid $$16,500$ in radio ads to be run through the end of December. $8.$ GJ leased additional office space in a building downtown. GJ paid rent of $$30,750$ for the year. $9.$ In November, Jack's office was broken into and equipment valued at $$5,750$ was stolen. The tax $$6,250.$ Jack received $$2,300$ of insurance proceeds from the theft. $10.$ GJ incurred a $$4,375$ fine from the state government for digging in an unauthorized digging zone $11.$ GJ contributed $$3,300$ to lobbyists for their help in persuading the state government to authorize zones. $12.$ On July $1,$ GJ paid $$1,800$ for an $18-$month insurance policy for its business equipment. The policy year through December $31$ of next year. $$ Prey $1$ of $1$ Next $>12.$ On July $1,$ GJ paid $$1,800$ for an $18-$month insurance policy for its business equipm year through December $31$ of next year. $13.$ GJ borrowed $$20,000$ to help with the company's initial funding needs. GJ used $ the end of the year, GJ paid the $$1,200$ of interest expense that accrued on the lo $14.$ Jack lives $12$ miles from the office. He carefully tracked his mileage and drove his home. He also drove an additional $7,200$ miles between the office and traveling to other purposes. He did not keep track of the specific expenses associated with th site, Jack received a $$225$ speeding ticket. GJ reimbursed Jack for business milea $15.$ GJ purchased two season tickets $(20$ games$)$ to attend State U baseball games for prospective clients to the games to maintain contact and find further work. This wa new projects through substantial discussions with the clients following the games $16.$ GJ paid $$3,800$ for meals when sales employees met with prospective clients. $17.$ GJ had a client who needed Jack to perform work in Florida. Because Jack had ne extra day and night for sightseeing. Jack spent $$550$ for airfare and booked a hot two days for business purposes and one day for personal purposes.$)$ He also rente for Jack's meals while Jack was doing business, but GJ paid all expenses. $18.$ GJ paid a total of $$25,000$ of wages to employees during the year, and cost of go quired: $.$ What is GJ$\text{'}$s net business income for tax purposes for the year? $.$ As a C corporation, does GJ have a required tax year? If so$,$ what would it be$?.$ If GJ were a sole proprietorship, would it have a required tax year$-$end? If so$,$ what w $1.$ If GJ were an S corporation, would it have a required tax year$-$end? If so$,$ what woul Complete this question by entering vour answers in the tabs below. $$ Prey $1$ of $1$ HE Next Required: a$.$ What is GJ$\text{'}$s net business income for tax purposes for the year? b$.$ As a C corporation, does GJ have a required tax year? If so$,$ what would it c$.$ If GJ were a sole proprietorship, would it have a required tax year$-$end? If d$.$ If GJ were an S corporation, would it have a required tax year$-$end? If so$,$ Complete this question by entering your answers in the tabs below. Required A Required B Required C Required D What is GI's net business income for tax purposes for the year? Net business income $$ Required A Required $$ Prey $1$ of $1$ HHH IL