EXHIBITS Income Statement exhibits close all Income Statement CPA Bakers Inc., a calendar year S corporation, is a retailer of gourmet snacks located in Happyville, U.S. CPA Bakers' current year income statement is provided in the exhibit. Using the information provided, calculate the amount of CPA Bakers' current year ordinary business income (loss) and total separately stated items. Enter income and gains as positive values. Enter losses and deductions as negative values. If an amount is zero, enter a zero (0). Gross profit Rent expense Interest expense (business-related) Depreciation (includes $50,000 Section 179 A 1 CPA Bakers' ordinary business income (loss) B $199,000 2 Sum of CPA Bakers' total separately stated items $475,000 CPA Bakers Inc. Income Statement For the Year Ended December 31, 20X1 Sales Cost of goods sold Charitable contributions $450,000 (150,000) 300,000 $10,000 24,000 12,000 Officer compensation exp Highlight Ope Remove Highlight Other income and losses: Long-term capital gain $26,000 Dividends from domestic stock 5,500 Section 1245 gain on truck sale 10,000 Section 1231 gain on truck sale 15,000 56,500 Net income $135,500 120,000 55,000 (221,000) $79,000