Open a new window, 100 x 75, background white. Immediately add a new layer Select the Preset Shape Tool

• Shape type: Elllipse
• Style: Filled
• Antialias: checked
• Create as Vector: unchecked

Draw an ellipse in the center of the window on the layer, not the background.

With the Magic Wand select the area inside the oval. Click on Image / Effects / Outer Bevel from the menu bar. Specify the following settings:

• Bevel: Angled
• Width: 1
• Smoothness: 19
• Depth: 18
• Ambience: 0
• Shininess: 40
• Color: white
• Angle: 315
• Intensity: 50
• Elevation: 50

De-select the selection by either pressing CTRL D on the keyboard or by going to Selections / Select None. Add a dropshadow, Images/ Drop Shadow.

• Color: black
• Opacity: 81
• Blur: 81
• Vertical: 3
• Horizontal: 3

Finished!