Yellow, Inc. is a calendar year cash basis S corporation. Watkins the sole owner of Yellow. Watkins's beginning of year stock basis was $50,000. Yellow is a regional landscaping business with the following results for the current year: Gross Profits from operations Distributions to shareholders Net rental income Tax exempt interest income Administrative salaries LT Capital gains ST Capital losses Advertising Expense Depreciation (no bonus or Section 179) Charitable contributions (30% limit) $1,000,000 200.000 50.000 4,000 550,000 10,000 (8,000) 75,000 90.000 5,000 Required: Identify which items are separately stated items of income, gain, expense and loss and which items are aggregated as ordinary business income (not separately stated). Indicate also if an item is neither separately stated or aggregated (those items that are not income, gain, expense and loss that are includable in or deductible from income but that only affect corporate earnings balances and shareholder stock basis). SHOW YOUR WORK