The operating results for Ahmad Corporation, an S corporation, for last year were as follows:

Revenues

Gross sales $2,000,000

Tax-exempt bond interest 2,000

Dividend income 8,000

Section 1231 gain (land) 10,000

Expenses

Cost of goods sold $900,000

Salaries 600,000

Rent 200,000

Utilities 60,000

Depreciation 40,000

Charitable contribution 12,000

Section 179 expense 20,000

Determine the corporations net income and its separately stated items.

Determine the corporations financial accounting income if the gain on the sale of the land is only $6,000 and depreciation is $32,000 under financial accounting rules.

Determine tax payable