The Lagerstroemia Corporation Was Formed on January 1, 2018

The Lagerstroemia Corporation was formed on January 1, 2018.Calculate the Lagerstroemia Corporation's taxable income or loss for 2018 given the following information:​ $\begin{array}{lr}\text { Gross receipts } & \$ 255,000 \\\text { Cost of goods sold } & 150,000 \\\text { Dividend income (from 10-percent-owned domestic corporation) } & 35,000 \\\text { Interest income } & 10,000 \\\text { Business expenses (other than organizational costs and charitable } & 120,000 \\\text { contributions) } & \\\text { Charitable contributions } & 5,000 \\ \text { Organizational costs expensed } &\underline{5,000} \\\text { Taxable income/(loss) } & \underline{\$}\end{array}$