S Rebecca is a doctor with an AGI of $129,000 before consideration of income or loss from her dog breeding business. Her home is on 15 acres, 10 of which she uses to house the animals and provide them with ample space to play and exercise. Her records show the following related income and expenses for the current year. Income from fees and sales Expenses: Dog food Veterinary bills Supplies Publications and dues Required: $ 2,700 $ 4,200 3,700 1,280 390 a. How must Rebecca treat the income and expenses of the operation if the dog breeding business is held to be a hobby? Note: Leave no cells blank. Enter "O" wherever required. b. How would your answer differ if the operation were held to be a business? Note: Leave no cells blank. Enter "O" wherever required. Enter all losses with a minus sign. a. Schedule C Business income/(loss) a. Other Income/(loss) a. Expenses (Schedule A) b. Schedule C Business income/(loss) b. Other Income/(loss) b. Expenses (Schedule A)