Problem 2 Homework Corporation reported the following items in 2020: $140,000 Income from Operations Dividends received from 25% owned domestic corporation Long-term capital gain Short-term capital loss Charitable contribution Dividends paid 40,000 10,000 (12,000) (26,000) (25,000) Required: 1. Calculate Homework Corporation's taxable income for 2020. Clearly show your work and label each step of your answer. I Calculate Homework Corporation's federal income tax liability for 2020. Clearly show your work and label your answer. 2. 3. What carryovers does Homework Corporation have as a result of its 2020 operations? Clearly state the amount and terms (e.g., carryback or carryforward; amount of years) of all carryovers