Towne, Inc. is a calendar year S corporation. During the 2023 year, the company had the following income: Sales Cost of Sales Gross Profit Operating Expenses: Salary Expense Interest Expense - Business Related Depreciation Expense (MACRS - includes $50,000 of $179 expense) Rent Expense Charitable Contributions Operating (ordinary) income Other income/(loss) Long term Capital Gain Tax-Exempt Interest Income Dividends from Domestic Stock Section 1245 gain on truck sale Section 1231 gain on truck sale Total Net Income INCOME STATEMENT Required Use Excel to create the following schedules: 24 GA GA GA GA GA $ 120,000 $ 12,000 $ $ $ $ $ $ $ $ 55,000 24,000 450,000 $ (150,000) 300,000 10,000 $ $ 26,000 20,000 5,500 10,000 15,000 $ 221,000 79,000 76,500 $ 155,500 a. S Corporations separately stated and non-separately stated income/(loss). b. What items would appear on the K-1 of John, a 20% owner. C. John's basis in Towne at the end of 2022, assuming a beginning basis of $20,000.

Towne, Inc. is a calendar year S corporation. During the 2023 year, the company had the following income