The following income and expense accounts appeared in the accounting records of Ramy Corporation for the 2018 calendar year Net sales 2,000,000 100,000 Dividend from 10% owned NJ corporation Interest on New York State private activity municipal bonds Interest on New Jersey municipal bonds Loss on sale of stock 5,000 8,000 6,000 20,000 1,000,000 500,000 70,000 15,000 12,000 60,000 120,000 4,000 Key-person life insurance proceeds Cost of goods sold Salaries and wages Bad debts using the write off method New York State tax expense Payroll taxes Depreciation per books (tax is 40,000) NOL carryover from 2017 Meals Compute Ramy Corporation's (1) Federal taxable income (2) Earnings and Profits The following income and expense accounts appeared in the accounting records of Ramy Corporation for the 2018 calendar year Net sales 2,000,000 100,000 Dividend from 10% owned NJ corporation Interest on New York State private activity municipal bonds Interest on New Jersey municipal bonds Loss on sale of stock 5,000 8,000 6,000 20,000 1,000,000 500,000 70,000 15,000 12,000 60,000 120,000 4,000 Key-person life insurance proceeds Cost of goods sold Salaries and wages Bad debts using the write off method New York State tax expense Payroll taxes Depreciation per books (tax is 40,000) NOL carryover from 2017 Meals Compute Ramy Corporation's (1) Federal taxable income (2) Earnings and Profits