ASAP

Form 1120 part 1 2 points max, due Jan 10 Please refer to the facts in question 18 below. Required: Google 2020 Form 1120 First complete Page 1 through line 3 (gross profit) Then go to page 2 Schedule C and fill in only line 23 (we may return to the rest of Schedule C in a later assignment) Return to page 1 and complete lines 4 and 11. 1. Attach the partially completed Form 1120 2. Comment on what you have learned. [18] in the current year, Acom, Inc., had the following items of income and expense: Sales $500,000 Cost of sales 250,000 Dividends received 25,000 The dividends were received from a corporation of which Acorn owns 30%. In Acorn's current- year income tax retum, what amount should be reported as income before special deductions? A. $525,000 B. $508.750 C. $275,000 D. $250,000 The correct answer is C A. The amount of $525,000 fails to deduct the cost of sales. B. The amount of $508,750 incorrectly takes the dividends-received deduction, and it fails to deduct cost of sales C. Income before special deductions accounts for all items except for NOL carrybacks, capital loss carrybacks, and dividends-received deduction. Thus, income before special deductions is $275,000 ($500,000 $25,000 - $250,000). D. The amount of $250,000 talls to include the dividends received as income