A comparative balance sheet for Angler Corporation reveals the following information: On May 1, 1989, Brendan McLeod and Duncan Ryan formed Angler Corporation to sell fishing tackle. Pertinent information regarding Angler is summarized as follows: The business address is 3027 Woodland Ridge Blvd., Baton Rouge, Louisiana 70816. The employer identification number is 75-3392543; the principal business activity code is 451110. Brendan and Duncan each own one-half of the outstanding common stock; no other class of stock is authorized. Brendan is president of the company, and Duncan is secretary-treasurer. Both are full-time employees of the corporation, and each receives a salary of $140,000. Brendan's Social Security number is 145-26-2593. Duncan's Social Security number is 287-43-4945. The corporation uses the accrual method of accounting and reports on a calendar basis. Inventories are determined by using the lower of cost or market method. For book and tax purposes, the straight-line method of depreciation is used. MACRS depreciation was $76,556 for the year. . During 2018, the corporation distributed a cash dividend of $80,000. Assets Cash Trade notes and accounts receivable Inventories Certificates of Deposit State bonds Prepaid Federal tax Buildings and other depreciable assets Accumulated depreciation Land Other assets December 31, 2017 $480,000 808,200 600,000 130,000 170,000 December 31, 2018 $626,870 1,060,600 736,000 130,000 170,000 2,800 240,000 (128,800) 20,000 1,000 240,000 (88,800) 20,000 3,600 Total assets $2.363.000 $2.858.470 Selected portions of Angler's profit and loss statement of 2018 reflect the following + ebits and credits: Debit Credit $2,408,300 Liabilities and Equity Accounts payable Other current liabilities Mortgages Capital stock Retained earnings $340,000 57,860 220,000 500,000 1,245,140 $271,000 43,000 200,000 500,000 1,844,470 $82,000 931,000 118,000 Account Gimss sales Sales retums and allowances Cost of goods sold Dividends received from stock investments in less than 20% owned US. corporations Interest income State bonds Certificates of deposit Total liabilities and equity $2.363.000 $2.858.470 $16,500 13,000 Net income per books (before any income tax accrual) Income Tax Expense 8836,770 157440 29,500 Net Income $679.330 15,400 During 2018, Angler Corporation made estimated tax payments of $160,240 to the IRS. Prepare a Form 1120 for Angler Corporation for tax year 2018. Include Forms 1125-A, 1125-E and Schedule G (Form 1120). Premiums on term life insurance policies on the lives of Brendan and Duncan; Angler Corporation is the designated beneficiary Salaries-officers Salaries-clerical and sales Taxes (state, local, and payroll) Repairs Interest expense Fines for dumping toxic waste Advertising Rental Expense 280,000 257,000 36,100 18,700 14,900 7,600 5,730 28,600 A comparative balance sheet for Angler Corporation reveals the following information: On May 1, 1989, Brendan McLeod and Duncan Ryan formed Angler Corporation to sell fishing tackle. Pertinent information regarding Angler is summarized as follows: The business address is 3027 Woodland Ridge Blvd., Baton Rouge, Louisiana 70816. The employer identification number is 75-3392543; the principal business activity code is 451110. Brendan and Duncan each own one-half of the outstanding common stock; no other class of stock is authorized. Brendan is president of the company, and Duncan is secretary-treasurer. Both are full-time employees of the corporation, and each receives a salary of $140,000. Brendan's Social Security number is 145-26-2593. Duncan's Social Security number is 287-43-4945. The corporation uses the accrual method of accounting and reports on a calendar basis. Inventories are determined by using the lower of cost or market method. For book and tax purposes, the straight-line method of depreciation is used. MACRS depreciation was $76,556 for the year. . During 2018, the corporation distributed a cash dividend of $80,000. Assets Cash Trade notes and accounts receivable Inventories Certificates of Deposit State bonds Prepaid Federal tax Buildings and other depreciable assets Accumulated depreciation Land Other assets December 31, 2017 $480,000 808,200 600,000 130,000 170,000 December 31, 2018 $626,870 1,060,600 736,000 130,000 170,000 2,800 240,000 (128,800) 20,000 1,000 240,000 (88,800) 20,000 3,600 Total assets $2.363.000 $2.858.470 Selected portions of Angler's profit and loss statement of 2018 reflect the following + ebits and credits: Debit Credit $2,408,300 Liabilities and Equity Accounts payable Other current liabilities Mortgages Capital stock Retained earnings $340,000 57,860 220,000 500,000 1,245,140 $271,000 43,000 200,000 500,000 1,844,470 $82,000 931,000 118,000 Account Gimss sales Sales retums and allowances Cost of goods sold Dividends received from stock investments in less than 20% owned US. corporations Interest income State bonds Certificates of deposit Total liabilities and equity $2.363.000 $2.858.470 $16,500 13,000 Net income per books (before any income tax accrual) Income Tax Expense 8836,770 157440 29,500 Net Income $679.330 15,400 During 2018, Angler Corporation made estimated tax payments of $160,240 to the IRS. Prepare a Form 1120 for Angler Corporation for tax year 2018. Include Forms 1125-A, 1125-E and Schedule G (Form 1120). Premiums on term life insurance policies on the lives of Brendan and Duncan; Angler Corporation is the designated beneficiary Salaries-officers Salaries-clerical and sales Taxes (state, local, and payroll) Repairs Interest expense Fines for dumping toxic waste Advertising Rental Expense 280,000 257,000 36,100 18,700 14,900 7,600 5,730 28,600