Can you please help me complete Form 1120?

THE Return Problem : C corporation Instructions: Please complete the 2018 Federal income tax rotum for Fun Fair of Ventura, Inc. based upon the facts presented below. If required information is missing, use reasonable assumptions to fill in the gaps. Fun Fair of Ventura, Inc. (FF) Is organized as a corporation and is taxed as a "C" corporation with a calendar year-end. FF owns and operates an amusement park in Oxnard, California Oxnard's weather alows FF to operate year-round. FF's address, employer identification number (EIN), and date of incorporation are as folows: Fun Fair of Ventura, Inc. 50 Boardwalk Oxnard, California 99030 EIN: 36-1365043 Date Incorporated: July 23, 2001 FF has been at the same address since Inception. FF has only common shares issued (ho preferred stock). FF Is owned by 80 shareholders. The majority owner of FF is a large private equity firm based In San Jose, Callfomia called Amusement Ventures, LLC (AV). AV's address, employer identification, and otherinformation are as follows: Amusement Ventures, LLC 075 Shady Wood Boulevard San Jose, California 95101 BIN: 54-8216213 AV Is texted as a partnership for federal tax purposes. AV is organized In Calfomis. Itowns 30% of the voting stock of FF directly. No other person or entity owns directly 20%% or more, or owns, directly or indirectly, more than 504% of the voting stock of FF. FF uses the accrual method of accounting. FF is not a subsidiary nor is it in an affiliated group with any other entity. FF is not aud lied by a CPA firm. It does, howover, use GAAP-based financial statements. FF has never had a restatement of its income statement FF reported the following information for 2018: *FF did not pay dividends in excess of its current and accumulated earnings and profits.None of the stock of FF is owned by non-U.S. persons FF has never issued publicly offered debt instruments. FF is not required to file a Schedule UTP, Uncertain Tax Position Statement. FF made payments that required it to file federal Form(s) 1089. These Forms 1099 were filed timely by FF. FF's annual gross receipts for the prior three years are under $25,000,000. None of the shareholders of FF changed during the year, FF has never disposed of more than 65% (by value) of its assets in a taxable, non-taxable, or tax deferred transaction. FF did not receive any assets In a Section 351 transfer during the year. Additional information: On August 1, 2018 FF was notified by its legal counsel that FF was being sued by a former employee regarding her termination of employment from FF. On December 21, 2018, a legal settlement was reached with this terminated employee. As part of the settlement, FF agreed to pay the employee a settlement amount of $190,000 on January 10, 2019. FF accrued this expense on its 2018 financial statements. FF maintains a portfolio of tax-exempt securities (none of which is a private activity bond) and publicly-traded stocks as a measure to provide immediate liquidity if needed Inone of these investments is debt financed). All of these securities originate from less than 20% owned domestic corporations. FF owns 12% of Fun Fal of Russia (FFR), a Russian corporation operating a theme park on the outskirts of Moscow. FFR remitted dividends to FF of $14,000. FF also received $300 in dividends from holding marketable securities on occasion (all less than 20% owned by FF). From inception until this year the Rapid Coaster had been FF's main attraction. However due to safety, crowd appeal, and other factors, FF disposed of the Rapid Coaster on March 1, 2018 and purchased a new attraction known as the Vomitnator. The Rapid Coaster originally cost $2,000,000 and was placed in service on September 1, 2007. The Rapid Coaster was fully depreciated for book and tax purposes. The Vomitnator was installed and rendered operational on March 1, 2018. The Vomitnator cost $6,000,000 to acquire, install, and make ready for service. FF's regular tax depreciation for the year is correctly calculated as $1,112,498 before considering the 2018 addition of the Vomiinator. FF wants to claim the maximum allowable deduction for the Vominator in 2018. Because of the Vominator's modular design, it is considered personal (as opposed to real] property. FF officer information for the year is as follows (compensation amounts included in total wages on the income statement for all employees): Name Social security Percent of time Percent of stock Amount of number devoted to owned compensationMarissa Hunt 435-54-2342 1001 $235,000 Dakon Williams 243-98-3242 100% 1032 $195,000 Deon Johnson 194-23-7435 1004 $165,000 Jennifer Conley 623-53-3920 1003 $150,000 Near the end of the year, FF switched its property and casually insurance company. As a result, the plan year for its insurance contract was altered. On December 31, 2016 FF prepaid insurance premiums of $25,000 representing coverage through February 15, 2019 as a condition of being accepted by the new company. FF did not expense any of the prepayment for financial accounting purposes. FF rents from vendors several pieces of equipment to use in its business. As of December 91, 2017 and December 31, 2018, respectively, FF had prepaid vendors for equipment rental of $30,000 for January 2018 and $35,000 for January 2019. On December 26, 2018 FF prepaid a contractor $17,500 to repair several pieces of maintenance shop equipment in January of 2019. FF fully expects that the contractor will have completed the project by January 31, 2019. All the accrued wages and bonus amounts on the financial statements as of December 31, 2017 wore paid on February 28, 2018. As of December 31, 2017 and 2018, respectively, FF had vacation accruals on its books of $29,000 and $35,000. As of March 15, 2018 and 2019, respectively, FF had paid $5,000 and $8,000 of those accrued amounts. On December 2, 2018, the millionth customer entered the park. To recognize the accomplishment and to promote the amusement park through print and radio media advertisements, FF held a give-away contest wherein the lucky customer doomed to be the millionth customer would be given $100,000. The check was presented to the lucky winner on January 15, 2019. The land on which FF resides is owned by the county. FF has a very favorable lease with the county that allows FF the ability to sublease any portion of the ground to another tenant. The board of directors of FF made the decision in the fall of 2018 to seek out a tenant for unimproved land that would not be utilized in any potential expansion plans. FF identified the potential renter and entered into a contract with the renter on December 1, 2018. The rent period is to begin on January 1, 2019; however, as part of the contract, the renter was required to pay a full six-month rental amount ($50,000) to FF by December 31, 2018. FF received a check of $50,000 on December 27, 2018 from the renter. This rental payment is not refundable to the renter under any circumstances. FF maintains an inventory of several items that it uses in its amusement park. Inventory is valued at cost. FF has never has never changed it inventory method. FF uses specific identification for its Inventory. FF has never written down any subnormal goods.The rules of Section 263A (Unicap) apply to FF. The Unicap calculated costs related to ending inventory at December 31, 2017 and 2018, respectively, were $15,000 and $19,000. Total current year 263A costs were $22,610, with $18,610 included in COGS during 2018. FF does not include any of its salary and wage expenses as labor costs for COGS. On December 1, 2018, FF paid a $400,000 (total) dividend to all common stockholders. During the year, FF made Federal estimated income tax payments of $72,500 each on April 15, June 15, September 15 and December 15 of 2018 ($290,000 in total). If FF has overpaid its current year estimated taxes, it would like to apply the excess to its estimated tax payments for next year. FF is NOT a "large corporation." FF's 2017 tax Fability was $200,000. FF made California state estimated income tax payments of $15,000 each on April 15, June 15, September 15 and December 15 of 2018 ($60,000 in total). Exhibit A and B for Fun Fair's Financial Statements.Exhibit A Income: Groan Sales 26,623 275 Lees Returns 113.500 Net Sales 26,409,775 Cost of Goods Sold 2,052,500 Gross Income 24,357,275 Dividend Income 14.300 Interest Income 2.650 Municipal Income 2.300 Total Other Income 18,250 Total Income 24,376,525 Expenses: Employee Salaries 13,803 600 Repaira & Maintenance 192.350 58,000 Rent 1,543,000 Payroll Taxes 1,112,400 Licensing Foos 10.780 Property Taxes 277,000 Interest Expense 781,000 Depreciation 1,350,000 Office Supplies 33,950 Employee Training 53,760 Safety Expenses 31,000 Political Contributions 2 500 CA Safety Commission Fine 5.000 Advertising 790,400 Admission Jupplisa 143,260Meule & Entertainment 8.800 Travel 127 650 Insurance 218.000 Logal Settlement 180,000 Price Contest Experout 100,000 Fuci 150,875 2,530,500 Telephone 135.250 Total Experives 23,441,525 Total Net Income before Taxes 935.000 Federal Income Tax 290,000 State Income Tax 80,000 Total Tax Provision 350,000 Net Income 585,000 2Exhibit B Fun Fair of Verthere Balance Sheet Decomber 31, 2018 Assets: 12/31/2017 12312018 Cash 165.000 129.000 Accounts Rooelvable 28,000 75,000 Less Allowanon for Dad Debis 143,000) (48.0 0 0) Inventory 423,000 380,000 Tax Exempt Securition 150 000 150 000 Publicly Traded Stocks 200 000 200,000 Fixed Angets 24.000,000 28 000,000 Loan: Accumulated Doomciation (163 542,000) (12,092,090) Propaid Insurance 25,000 Prepaid Rent 30,000 35 000 Prepaid Installation Contract 17.500 Other Assets 180 000 250,000 Total Asanta 11,600,000 16.330,500 Liabilities & Shareholders' Equity Accounts Payable 48 0 00 Aconand Wages 123,000 178,000 Accrued Bonuses 60.500 39,000 Accrued Vacation 29,000 35,000 Logal Settlement Aporual 180 000 Price Accrual 100.000 Unearned Hontal Income Note Payable (First Bank of CA) 1,540 000 1084,000 Note Payable- Equipment Longing Co. 7.112,000 11.728,000 Capitol Stock 100,000 100.000