2:05 Please complete the F1120 for the following scenario. 1) Andrew Lowe and Stephen Jackson are the two 50% shareholders of Jackson and Lowe, Inc, a furniture manufacturer (Business Code 337000 Jackson and Lowe is located at 1234 University Ave Jacksonville, FL 32202. Its employer identification number is 76-3456789. The following information pertains to the corporate tax return: Name SSN Shares Title Compensation Stephen Jackson 386-05- 9174 1.000 President $18.000 Andrew Lowe 297-63- 2110 1,000 Vice Pres.$18,000 All salaries were paid during the current tax year. 2) The company was incorporated on June 1, four years ago. Each of the two officers hold one-half the stock, which they acquired on that date for a total cash and property contribution of $200,000. No change in the stockholdings has occurred since incorporation Jackson and Lowe each devote 100% of their time to the business. Both officers are US citizens. Jackson and Lowe is not a member of a controlled group. 3) Three years ago, Jackson and Lowe acquired a local furniture manufacturer, Goodwil of S12.000 was recorded for the purchase. There has been no impairment in the goodwill since the acquisition 4) Addresses for the officers are: Andrew Lowe, 436 N.W. 24th Ave, Jacksonville, FL 32201 Stephen Jackson, 1250 N.E. 12th Ave, Jacksonvile, FL 32203 5) The corporation paid estimated taxes of $14,000 for the tax year. 6) The corporation paid dividends of $28,212 for the 7) The corporation uses MACRS depreciation for tax purposes. The current year tax depreciation is $52,910. There were no acquisitions, dispositions, or other changes to depreciable assets during the current year B) The corporation owns 2% of Plaza Corporation stock, 50 shares of Service Corporation stock, and some tax-exempt municipal bonds. The corporation acquired the Plaza stock on June 1st two years ago. It was sold on July 15th for $4,S00 less than its $7,000 adjusted basis. Prior to the sale, Plaza paid a $1,000 dividend. The 50 shares of Service stock, which were purchased February 1st of the current year, were declared worthless during the year. The corporation recovered none of its $2,100 adjusted basis 9) An analysis of the allowance for doubtful accounts Balance as of 01/01/20xx S 950 20XX Transactions Provision for Bad Debts 1275 Recovery of Bad Debts 425 Write-off of Bad Debts (650) Balance as of 12/31/20XX $2.000 10) IF the corporation is due a refund it should be applied to the next years estimated tax payments 2:05 Please complete the F1120 for the following scenario. 1) Andrew Lowe and Stephen Jackson are the two 50% shareholders of Jackson and Lowe, Inc, a furniture manufacturer (Business Code 337000 Jackson and Lowe is located at 1234 University Ave Jacksonville, FL 32202. Its employer identification number is 76-3456789. The following information pertains to the corporate tax return: Name SSN Shares Title Compensation Stephen Jackson 386-05- 9174 1.000 President $18.000 Andrew Lowe 297-63- 2110 1,000 Vice Pres.$18,000 All salaries were paid during the current tax year. 2) The company was incorporated on June 1, four years ago. Each of the two officers hold one-half the stock, which they acquired on that date for a total cash and property contribution of $200,000. No change in the stockholdings has occurred since incorporation Jackson and Lowe each devote 100% of their time to the business. Both officers are US citizens. Jackson and Lowe is not a member of a controlled group. 3) Three years ago, Jackson and Lowe acquired a local furniture manufacturer, Goodwil of S12.000 was recorded for the purchase. There has been no impairment in the goodwill since the acquisition 4) Addresses for the officers are: Andrew Lowe, 436 N.W. 24th Ave, Jacksonville, FL 32201 Stephen Jackson, 1250 N.E. 12th Ave, Jacksonvile, FL 32203 5) The corporation paid estimated taxes of $14,000 for the tax year. 6) The corporation paid dividends of $28,212 for the 7) The corporation uses MACRS depreciation for tax purposes. The current year tax depreciation is $52,910. There were no acquisitions, dispositions, or other changes to depreciable assets during the current year B) The corporation owns 2% of Plaza Corporation stock, 50 shares of Service Corporation stock, and some tax-exempt municipal bonds. The corporation acquired the Plaza stock on June 1st two years ago. It was sold on July 15th for $4,S00 less than its $7,000 adjusted basis. Prior to the sale, Plaza paid a $1,000 dividend. The 50 shares of Service stock, which were purchased February 1st of the current year, were declared worthless during the year. The corporation recovered none of its $2,100 adjusted basis 9) An analysis of the allowance for doubtful accounts Balance as of 01/01/20xx S 950 20XX Transactions Provision for Bad Debts 1275 Recovery of Bad Debts 425 Write-off of Bad Debts (650) Balance as of 12/31/20XX $2.000 10) IF the corporation is due a refund it should be applied to the next years estimated tax payments