Aspen Corporation was formed and began operations on January 1, 2010.

Aspen Corporation made estimated tax payments of $2,000.
Based on the above information, complete Form 1120 on pages 11-9 through 11-13. Assume the corporation’s federal income tax expense is equal to its 2010 federal income tax liability and that any tax overpayment is to be applied to the next year’s estimated tax. Schedule UTP is not required.

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Aspen Corporation Income Statement For the Year Ended December 31, 2010 Gross income from operations Qualified dividends received from a 10 percent owned domestic corporation Total gross income Cost of goods sold Total income Other expenses: Compensation of officers Salaries and wages Repairs Depreciation expense Payroll taxes Total other expenses Net income (before federal income tax expense) $285,000 10,000 $295,000 (80,000) $215,000 $ 90,000 82,000 8,000 5,000 11,000 (196,000) $19,000 Aspen Corporation Balance Sheet as of December 31, 2010 Assets: Cash Accounts receivable Land Building Less: accumulated depreciation $ 35,000 10,000 18,000 125,000 (5,000) Total assets Liabilities and owners' equity: Accounts payable $183,000 $ 25,800 Common stock Retained earnings 140,000 17,200 Total liabilities and owners' equity $183,000