Windsor, Inc. is an S corporation that has two shareholders. Gary owns 35% of Windsor. He also works at Windsor, and Windsor pays him $140,000 this year for his services. The following items were reported on Windsor's Form 1120-S this year: Gross receipts Municipal interest income Net short-term capital gain Cost of goods sold Salaries and wages (including $140,000 to Gary) Utilities Net Section 1231 gain Rent expense Charitable contributions Advertising Insurance expense Depreciation $2,460,000 $1,300 $9,400 $570,000 $560,000 $38,000 $22,000 $170,000 $39,000 $14,000 $27,000 $73.000