During the current year, Biggie, Inc., a delivery company operating as an S corporation, reported the following results from operations:

Revenue $280,000 Salaries 130,000 Truck expense 30,000 Taxes 18,000 Section 1231 loss 8,000 Traffic fines 1,200 Interest on truck loans 2,000 Interest income (bonds) 500 What are the corporation’s net income and its separately reported items?

AppendixLO1