Question 15 (1 point) Fedderman Corp., an accrual-basis calendar year repair-service corporation, began business o Monday, January 3, 20X1. Fedderman's valid S corporation election took effect retroactively January 3, 20X1. For questions 1 through 4, determine the amount, if any, using the fact pattern for each item. Assume the following facts: Fedderman's 20X1 books recorded the following items: Gross receipts Interest income on investments Charitable contributions Supplies $5,400 50 1.350 2.900 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