1 CllaPtel S 25 points eBook Print References Phil Williams and Liz Johnson are 60% and 40% shareholders, respectively, in WJ Corporation, a Subchapter S corporation. The corporation had the following activity during the year: Income Interest income Dividend income (qualified) Long-term capital gains Total revenue Expenses Salaries and wages (nonofficers) Salaries and wages, owners and officers Depreciation (MACRS-includes $9,000 $ 179 expense) Interest expense Taxes and licenses Meals (100%) Auto Insurance (nonofficer health). Accounting and legal Repairs Charitable contributions Payroll penalties Total expenses Net income $ 336,123 1,259 4,586 13,458 $ 355,426 $ 47,000 125,000 41,800 5,220 15,548 15,257 5,254 6,000 2,800 1,200 2,500 500 $268,167 5 87,259 During the year, the corporation made a distribution of $20,000, in total, to its shareholders. Complete page 1, Schedule K, and Schedule M-1 of Form 1120S. (Enter all amounts as positive unless otherwise indicated in the forms themselves. Round your intermediate computations and the nearest whole dollar value. Instructions can be found on certain cells within the forms.) Chuck my work