Question: 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

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?

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