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Note: This problem is for the 2020 tax year. On November 1, 2009, Janet Morton and Kim Wong formed Pet Kingdom, Inc., to sell pets and pet supplies. Pertinent information regarding Pet Kingdom is summarized as follows: Pet Kingdom's business address is 1010 Northwest Parkway, Dallas, TX 75225; its telephone number is (214) 555-2211; and its e- mail address is petkingdom@pki.com. The employer identification number is 11-1111112, and the principal business activity code is 453910. Janet and Kim each own 50% of the common stock; Janet is president and Kim is vice president of the company. No other class of stock is authorized Both Janet and Kim are full-time employees of Pet Kingdom. Janet's Social Security number is 123-45-6788, and Kim's Social Security number is 123-45-6787. Pet Kingdom is an accrual method, calendar year taxpayer. Inventories are determined using FIFO and the lower of cost or market method. Pet Kingdom uses the straight-line method of depreciation for book purposes and accelerated depreciation (MACRS) for tax purposes. During 2020, the corporation distributed cash dividends of $250,000. Pet Kingdom's financial statements for 2020 are shown below. Income Statement Income Gross sales $5,750,000 Sales returns and allowances (200,000) Net sales $5,550,000 Cost of goods sold (2,300,000) Gross profit $3,250,000 Dividends received from stock investments in less-than-20%- owned U.S. corporations 43,750 Interest income: State bonds $15,000 Certificates of deposit 20,000 35,000 Total income $3,328,750 Expenses Salaries-officers: Janet Morton $262,500 Kim Wong 262,500 $525,000 Salaries-clerical and sales 725,000 Taxes (state, local, and payroll) 238,000 140,000 $9,000 207,000 Repairs and maintenance Interest expense: Loan to purchase state bonds Other business loans Advertising Rental expense Depreciation Charitable contributions (cash) Employee benefit programs Premiums on term life insurance policies on lives of Janet Morton and Kim Wong; Pet Kingdom is the designated beneficiary Total expenses Net income before taxes Federal income tax Net income per books 216,000 58,000 109,000 106,000 38,000 60,000 40,000 (2,255,000) $1,073,750 (221,734) $852,016 * Depreciation for tax purposes is $136,000. You are not provided enough detailed data to complete a Form 4562 (depreciation). If you solve this problem using Intuit ProConnect, enter the amount of depreciation on line 20 of Form 1120. Assets Cash Trade notes and accounts receivable Inventories Stock investment State bonds Certificates of deposit Prepaid Federal tax Buildings and other depreciable assets Accumulated depreciation Land Other assets Balance Sheet January 1, 2020 $1,200,000 2,062,500 2,750,000 1,125,000 375,000 400,000 -0- 5,455,000 (605,000) 812,500 140,000 $13,714,000 December 31, 2020 $1,039,461 2,147,000 3,030,000 1,125,000 375,000 400,000 2,266 5,455,000 (712,000) 812,500 128,500 $13,802,727 Total assets Liabilities and Equity January 1, 2020 December 31, 2020 Accounts payable $2,284,000 $1,840,711 Other current liabilities 175,000 155,000 Mortgages 4,625,000 4,575,000 Capital stock 2,500,000 2,500,000 Retained earnings 4,130,000 4,732,016 Total liabilities and equity $13,714,000 $13,802,727 Required: During 2020, Pet Kingdom made estimated tax payments of $55,000 each quarter to the IRS. Prepare Pet Kingdom's corporate tax return for tax year 2020 using Form 1120 (and any other appropriate forms and schedules). If an amount box does not require an entry or the answer is zero, enter "0". Enter all amounts as positive numbers, unless otherwise instructed. If required, round amounts to the nearest dollar. Make realistic assumptions about any missing data. 12 Enter the total amount (not just the corporation's share) of the assets and liabilities of all entities included or removed on the following lines. Total Assets Total Liabilities 1,527,266 x 6,570,711 a Included on Part I, line 4 b Removed on Part I, line 5. c Removed on Part I, line 6 d Included on Part I, line 7