3.82 PART 2 Corporations proconnect. 2 On February 12 2 sell fishing tackle. Pertine Kingfisher's business address is 1 12. 2005, Nancy Trout and Delores take formed inglisker Corporation to rackle. Pertinent information regarding Kingfisher is summarized as follow dress is 1717 Main Street, Ely, MN 55731; s telephone is (218) 555-2211; and its e-mail address is Kingfisher .com employer identification number is 11-1111115, and the principal e s number is (218) 555.221 d activity code is 451110. Nancy owns 50% of the o wns 50% of the common stock and is president of the company, and owns 50% of the common stock and is vice president of the company No other class of stock is author ancy and Delores are full-time employees of Kingfisher Nancy's Social Sec number is 123-45-6768, and Delores's Social Security number is 123-45-6757 she is an accrual method, calendar year taxpayer Inventories are deter using FIFO and the lower of cost of market method, Kingfisher uses the -line method of deprecation for book purposes and accelerated depresia tion (MACRS) for tax purposes During 2018, the corporation distributed cash dividends of $40.000 Kingfisher's financial statements for 2018 are shown below and on the next page Income Statement Income $2.408.000 (80,000 $2,328,000 1920.000) $1.400.000 Gross sales Sales returns and allowances Net sales Cost of goods sold Gross profit Dividends received from stock Investments in less than 20% owned U.S. corporations Interest income State bonds Certificates of deposit Total income 12,000 $ 14,000 10,000 24,000 $1,444,000 $160,000 160,000 $320,000 290,000 85,000 56,000 $ 12.000 8.000 Expenses Salaries officers Nancy Trout Delores Lake Salaries-clerical and sales Taxes (state, local and payroll Repairs and maintenance Interest expense Business loans Loan to purchase state bonds Advertising Rental expense Depreciation Charitable contributions Employee benefit programs Premiums on term life insurance policies on lives of Nancy Trout and Delores Lake; Kingfisher is the designated beneficiary Total expenses Net income before taxes Federal income tax Net Income per books 20.000 6,000 68,000 40,000 15.000 24,000 16.000 1940,000 $ 504,000 (106,680 $ 397 320 ou are not provided enough detailed information to complete a Form 4562 depreciation. If you solve this problem using intuit ProConnect enter the amount of deprecation online 20 of Form 1120 CHAPTER 3 Corporations: Introduction and Opera Balance Sheet Assets Cash Trade notes and accounts receivable Inventories State bonds Federal income tax refund Certificates of deposit Stock investments Building and other depreciable assets Accumulated depreciation Land Other assets Total assets January 1, 2018 $ 380,000 308,400 900,000 160,000 -O- 140,000 300,000 240,000 (88,800) 20,000 3,600 $2,363,200 December 31, 2018 $ 337,300 480,280 1,012,000 160,000 1,320 . 140,000 300,000 240,000 (128,800) 20,000 2,000 $2,564,100 January 1, 2018 December 31, 2018 Liabilities and Equity Accounts payable Other current liabilities Mortgages Capital stock Retained earnings Total liabilities and equity $ 300,000 80,300 210,000 500,000 1,272,900 $2,363,200 $ 233,880 40,000 200,000 500,000 1,590,220 $2,564,100 During 2018, Kingfisher made estimated tax payments of $27,000 each quarter to the IRS. Prepare a Form 1120 for Kingfisher for tax year 2018. Suggested software: ProConnect Tax Online. 3.82 PART 2 Corporations proconnect. 2 On February 12 2 sell fishing tackle. Pertine Kingfisher's business address is 1 12. 2005, Nancy Trout and Delores take formed inglisker Corporation to rackle. Pertinent information regarding Kingfisher is summarized as follow dress is 1717 Main Street, Ely, MN 55731; s telephone is (218) 555-2211; and its e-mail address is Kingfisher .com employer identification number is 11-1111115, and the principal e s number is (218) 555.221 d activity code is 451110. Nancy owns 50% of the o wns 50% of the common stock and is president of the company, and owns 50% of the common stock and is vice president of the company No other class of stock is author ancy and Delores are full-time employees of Kingfisher Nancy's Social Sec number is 123-45-6768, and Delores's Social Security number is 123-45-6757 she is an accrual method, calendar year taxpayer Inventories are deter using FIFO and the lower of cost of market method, Kingfisher uses the -line method of deprecation for book purposes and accelerated depresia tion (MACRS) for tax purposes During 2018, the corporation distributed cash dividends of $40.000 Kingfisher's financial statements for 2018 are shown below and on the next page Income Statement Income $2.408.000 (80,000 $2,328,000 1920.000) $1.400.000 Gross sales Sales returns and allowances Net sales Cost of goods sold Gross profit Dividends received from stock Investments in less than 20% owned U.S. corporations Interest income State bonds Certificates of deposit Total income 12,000 $ 14,000 10,000 24,000 $1,444,000 $160,000 160,000 $320,000 290,000 85,000 56,000 $ 12.000 8.000 Expenses Salaries officers Nancy Trout Delores Lake Salaries-clerical and sales Taxes (state, local and payroll Repairs and maintenance Interest expense Business loans Loan to purchase state bonds Advertising Rental expense Depreciation Charitable contributions Employee benefit programs Premiums on term life insurance policies on lives of Nancy Trout and Delores Lake; Kingfisher is the designated beneficiary Total expenses Net income before taxes Federal income tax Net Income per books 20.000 6,000 68,000 40,000 15.000 24,000 16.000 1940,000 $ 504,000 (106,680 $ 397 320 ou are not provided enough detailed information to complete a Form 4562 depreciation. If you solve this problem using intuit ProConnect enter the amount of deprecation online 20 of Form 1120 CHAPTER 3 Corporations: Introduction and Opera Balance Sheet Assets Cash Trade notes and accounts receivable Inventories State bonds Federal income tax refund Certificates of deposit Stock investments Building and other depreciable assets Accumulated depreciation Land Other assets Total assets January 1, 2018 $ 380,000 308,400 900,000 160,000 -O- 140,000 300,000 240,000 (88,800) 20,000 3,600 $2,363,200 December 31, 2018 $ 337,300 480,280 1,012,000 160,000 1,320 . 140,000 300,000 240,000 (128,800) 20,000 2,000 $2,564,100 January 1, 2018 December 31, 2018 Liabilities and Equity Accounts payable Other current liabilities Mortgages Capital stock Retained earnings Total liabilities and equity $ 300,000 80,300 210,000 500,000 1,272,900 $2,363,200 $ 233,880 40,000 200,000 500,000 1,590,220 $2,564,100 During 2018, Kingfisher made estimated tax payments of $27,000 each quarter to the IRS. Prepare a Form 1120 for Kingfisher for tax year 2018. Suggested software: ProConnect Tax Online