3 Required Information [The following information applies to the questions displayed below! Julio and Milania are owners of Falcons Corporation, an corporation Each owns 50 percent of Falcons Corporation. In year 1. Julio and Milano each received distributions of $14.000 from Falcons Corporation Part 3 of 3 168 points Falcons Corporation Corporation) Incon Statement December 13, Year 1 Year 2 . Boo Sales revenue Cost of goods sold Salary to owns Multo and slanja Employees berection experte Section expense Interest income (related to business Inco) Monseipal bont Encore Government in Overall et incore Dibuticas . (45. (40, 125.000 185,000 . 10.00 Year 2 $ 45,00 783,400) 10.000 30.000 30.00) 50.000 15.50 Print 18.00 be 11.100 . Sleece C. Complote Julio's 1120-5. Schedule Ket for yeart (use 2021 tex rules regardless of year on tox form. Input all values as positive numbers Required Information [The following information applies to the questions displayed below.) Julio and Milanla are owners of Falcons Corporation, an Scorporation. Each owns 50 percent of Falcons Corporation in year 1, Julio and Milania each received distributions of $14,000 from Falcons Corporation Falcons Corporation (ans Corporation) Income Statement Deceber 31, Year 1 and Year 2 Sales revenue Cost of goods sold Salary to owners Julio and Milania Employee wages Depreciation expense Section 179 expense Interest income (related to business incone) Municipal bond income Government fines Year 1 $ 305,000 (43,000) (4e, eee) (25,880) (15,800) (30,000) 10,000 1,300 Year 2 $ 435,000 (63,000) (80,000) (5e,eee) (30,eee) (50,880) 18, see 3,600 (2.000) $ 182,100 $ 163,300 Overall net income Distributions $ 28,000 $50,880 E. Complete Julio's 1120-S, Schedule K-1. for year 1. (Use 2021 tax rules regardless of year on tax form. Input all values as numbers.) alcons Corporation EIN: 58-1111111 hareholder's identifying number: 111-11-1111 Part of a Schedule Ki Schedule K-1 for Form 1120-5. 168 points 2020 Schedule K-1 Form 1120-51 Department of the Trawy neneve Service F Add-OMON 1565.0123 Shareher Share of current Year Part Income Deductions, Credits, and other items neay but 13C 1 For calendar year 2000 beginning 2020 2 Terme os Print Shareholder's Share of income, Deductions, Credits, etc. See back of form and separate instructions Blon Foreign 4 Part 1 Information About the Corporation A Corporation deftionumber to Oy vende B Commission and EP 008 Ouders & Raya CRS Cewhere oratione seorana Part Information About the Shareholder 3 Coro Part 3 56 168 po C Carter when Part II DS Information About the Shareholder yngur Cole AM o no lo E Shares IP VILA References 123 10 ore upy tengwa Gumenty percentage 0 Share Beginning of Edoty 1 So 170 Posani Orion Required information 3 masters 10 cm eing som holder tesis F Curredocation Part 3 A D 1.68 points o Shador'umber of Beginning of taxy Endoa 11 Seios 17 con 12 Sons cock Loan tom holder Beginning End of year loro V STMT Reference FSU Oy 11 ore More than one of the 10 *Setached statement for detonal information For Resume 100 CE THE FORTSALATONOSANOFHHLUSSPORTES NOT THE OFFICIELL NOTES FOR TAX FUNOTOR FOR ANY PURPOSE OTHER THAN EDUCATEDRAL 21 Otter 3 Required Information [The following information applies to the questions displayed below! Julio and Milania are owners of Falcons Corporation, an corporation Each owns 50 percent of Falcons Corporation. In year 1. Julio and Milano each received distributions of $14.000 from Falcons Corporation Part 3 of 3 168 points Falcons Corporation Corporation) Incon Statement December 13, Year 1 Year 2 . Boo Sales revenue Cost of goods sold Salary to owns Multo and slanja Employees berection experte Section expense Interest income (related to business Inco) Monseipal bont Encore Government in Overall et incore Dibuticas . (45. (40, 125.000 185,000 . 10.00 Year 2 $ 45,00 783,400) 10.000 30.000 30.00) 50.000 15.50 Print 18.00 be 11.100 . Sleece C. Complote Julio's 1120-5. Schedule Ket for yeart (use 2021 tex rules regardless of year on tox form. Input all values as positive numbers Required Information [The following information applies to the questions displayed below.) Julio and Milanla are owners of Falcons Corporation, an Scorporation. Each owns 50 percent of Falcons Corporation in year 1, Julio and Milania each received distributions of $14,000 from Falcons Corporation Falcons Corporation (ans Corporation) Income Statement Deceber 31, Year 1 and Year 2 Sales revenue Cost of goods sold Salary to owners Julio and Milania Employee wages Depreciation expense Section 179 expense Interest income (related to business incone) Municipal bond income Government fines Year 1 $ 305,000 (43,000) (4e, eee) (25,880) (15,800) (30,000) 10,000 1,300 Year 2 $ 435,000 (63,000) (80,000) (5e,eee) (30,eee) (50,880) 18, see 3,600 (2.000) $ 182,100 $ 163,300 Overall net income Distributions $ 28,000 $50,880 E. Complete Julio's 1120-S, Schedule K-1. for year 1. (Use 2021 tax rules regardless of year on tax form. Input all values as numbers.) alcons Corporation EIN: 58-1111111 hareholder's identifying number: 111-11-1111 Part of a Schedule Ki Schedule K-1 for Form 1120-5. 168 points 2020 Schedule K-1 Form 1120-51 Department of the Trawy neneve Service F Add-OMON 1565.0123 Shareher Share of current Year Part Income Deductions, Credits, and other items neay but 13C 1 For calendar year 2000 beginning 2020 2 Terme os Print Shareholder's Share of income, Deductions, Credits, etc. See back of form and separate instructions Blon Foreign 4 Part 1 Information About the Corporation A Corporation deftionumber to Oy vende B Commission and EP 008 Ouders & Raya CRS Cewhere oratione seorana Part Information About the Shareholder 3 Coro Part 3 56 168 po C Carter when Part II DS Information About the Shareholder yngur Cole AM o no lo E Shares IP VILA References 123 10 ore upy tengwa Gumenty percentage 0 Share Beginning of Edoty 1 So 170 Posani Orion Required information 3 masters 10 cm eing som holder tesis F Curredocation Part 3 A D 1.68 points o Shador'umber of Beginning of taxy Endoa 11 Seios 17 con 12 Sons cock Loan tom holder Beginning End of year loro V STMT Reference FSU Oy 11 ore More than one of the 10 *Setached statement for detonal information For Resume 100 CE THE FORTSALATONOSANOFHHLUSSPORTES NOT THE OFFICIELL NOTES FOR TAX FUNOTOR FOR ANY PURPOSE OTHER THAN EDUCATEDRAL 21 Otter