The profit and loss statement of Kitsch Ltd., an S corporation, shows $180,000 book income. Kitsch is owned equally by four shareholders. From supplemental data, you obtain the following information about items that are included in book income. Selling expenses Tax-exempt interest income Dividends received 1231 gain Depreciation recapture income ($36,000) 5,400 16,200 12,600 18,000 9,000 (10,800) (21,600) (162,000) Net income from passive real estate rentals Long-term capital loss Salary paid to owners (each) Cost of goods sold a. Compute Kitsch's nonseparately stated income or loss for the tax year. The entity's nonseparately stated computed income b. What would be the share of this year's nonsep ted income or loss items for James Billings, one of the Kitsch shareholders? loss