ABC (EIN: XX-1234567) form in 2020 and, for that year, reported the following book income statement, excluding the federal income tax expenses and deferred tax liabilities:

Sales $20,000,000

Cost of goods sold (15,000,000)

Gross profit $5,000,000

Dividend income 50,000

Total income $5,050,000

Expenses:

Depreciation $800,000

Bad debts 400,000

Charitable contributions 100,000

Interest 475,000

Meals and entertainment 45,000

Other 3,855,000

Total expenses (5,675,000)

Net loss before federal income taxes $(625,000)

Additional information for 2020:

• The investment in corporate stock is comprised of less-than 20%-owned corporations.
• Depreciation for tax purposes is $1.4 million under MACRS.
• Bad debt expense for tax purposes is $150,000 under the direct write-off method.
• Because of limitations, none of the charitable contributions will be deductible for tax purposes.
• Assume that $25,000 of the $45,000 meals and entertainment expenses pertained to entertainment and $20,000 pertained to business meals. Because of limitations effective in 2020, $35,000 of the meals and entertainment expenses will be disallowed for tax purposes.
• The corporate tax rate in 2020 was 21%

Required for 2020:

Prepare page 1 (ONLY) of the 2020 Form 1120, computing the corporation's NOL.

Please note: You do not need to attach any other forms or schedules even on such specific lines entered on Form 1120 said so, you can however write on that specific line of what those items are. I just want to see your experience with this form and how to present it if necessary