Required information Problem 22-47 (LO 22-2) (Algo) [The following information applies to the questions displayed below.] Assume the following S corporations, gross receipts, passive investment income, and corporate E&P. Will any of these corporations have its S election terminated due to excessive passive income? If so, in what year? All became S corporations at the beginning of year 1. (Leave no answer blank. Select "NA" if no effect.) Problem 22-47 Part a (Algo) a. Clarion Corporation Year Gross Receipts 1 $ 1,358,208 2 1,234,189 3 1,148,058. 4 1,352,967 5 1,505,280 Passive Investment Income $ 273,750 Corporate Earnings and Profits $324,150 123,750 324,150 323,750 239,500 373,750 105,700 423,750 0 Would the S election be terminated?