Mallard Corporation is a C corporation and is located at 3800 Market Street, Johnsonville, Colorado 81733. It was incorporated on June 27, 1981, its employer identification number is 44-9876543, and its total assets are \($4.7\) million. Mallard reports its financial accounting net income for 2022 is as follows:

Additional information about Mallard for 2022 is available:
• Bad debt expense for federal income tax purposes (direct write-off method) is \($185,000.
•\) The charitable contributions were cash.
• Depreciation for federal income tax purposes is \($560,000.
•\) \($260,000\) of the salaries and wages are for its officers.
• The dividends were received from domestic corporations. Mallard owns less than 1%
of their stock.
• \($3,000\) of the interest income is taxable, and \($1,000\) of it is tax-exempt.
• A \($60,000\) net operating loss that arose in 2021 is available.
• Mallard made \($160,000\) of timely estimated tax payments for 2022. It wants any overpayment to be credited to its 2023 estimated tax.
• Unappropriated retained earnings for financial accounting purposes was \($580,000\) at the beginning of 2022.
• Mallard paid \($740,000\) of cash dividends during 2022.
Prepare page 1 of Mallard’s 2022 Form 1120 (U.S. Corporation Income Tax Return), as well as Schedules M-1 and M-2 on page 6.

Data From Form 1120 

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Sales Cost of goods sold Gross profit $10,000,000 (6,700,000) $ 3,300,000