Required: What will be the Compensation for officers in the 1120 2020 form? Please show the calculation as well. EC is owned by four related shareholders from the same family for the entire year: Raphael Giordano (father) and his three children Silvia, Andrea, and Marco. None of ECs shareholders are non-U.S. persons. There are currently 10,000 shares of EC common stock issued and outstanding (EC has never issued preferred stock). The shareholders are also employees of EC and its only corporate officers. The relevant shareholder and officer information for the current year is provided below. Officer compensation is included in Employee Salaries on the income statement. Given in Income Statement for the period ending December 31, 2020 Salaries & Wages: $743,500. Their personal information is provided below.

Raphael Giordano, Shares owned 5,500, 100% of time devoted to the business, compensation of $150,000

Silvia Giordano Costa, Shares owned 1,500, 100% of time devoted to the business, compensation of $130,000

Andrea Giordano, Shares owned 1,500, 100% of time devoted to the business, compensation of $130,000

Marco Giordano, Shares owned 1,500, 100% of time devoted to the business, compensation of $120,

EC follows the accrual method of accounting (GAAP) and is not a member of any consolidated or affiliated group of entities. EC is not audited by a CPA firm and has never had to restate its financial statement information.

• EC reports employee compensation amounts that remained unpaid at year-end in Accrued Bonuses, Accrued Vacation and Accrued Wages on the balance sheet, as applicable. The table below provides a summary of the balances in these accounts for December 31, 2019 and 2020.

Balance Sheet Date	Account Description	Account Balance	Applicable Employees	Payment Date
12/31/2019	Accrued Bonuses	$45,000	ECs Shareholders (father and children)	01/20/2020
12/31/2019	Accrued Vacation	$62,500	Unrelated Employees	04/01/2020 11/30/2020
12/31/2019	Accrued Wages	$44,500	ECs Shareholders (father and children)	01/20/2020
12/31/2020	Accrued Vacation	$73,000	Unrelated Employees	Unpaid as of 03/15/2021
12/31/2020	Accrued Wages	$51,500	ECs Shareholders (father and children)	01/22/2021