Complete page 1, Schedule K, and Schedule M-1 of Form 1120S.

Phil Williams and Liz Johnson are 60% and 40% shareholders, respectively, in WJ Corporation, a Subchapter S corporation. The corporation had the following activity during the year: Income $ 336,123 Interest income 1,259 Dividend income (qualified) 4,586 Long-term capital gains 13,458 Total revenue $ 355,426 Expenses Salaries and wages (nonofficers) $ 47,000 Salaries and wages, owners and officers 125,000 Depreciation (MACRSincludes $9,000 179 expense) 41,888 Interest expense 5,220 Taxes and licenses 15,548 Meals (100%) 15,257 Auto 5,254 Insurance (nonofficer health) 6,000 Accounting and legal 2,800 Repairs 1,200 Charitable contributions 2,500 Payroll penalties 500 Total expenses $ 268,167 Net income $ 87,259 During the year, the corporation made a distribution of $20,000, in total, to its shareholders. Complete page 1, Schedule K, and Schedule M-1 of Form 1120S.

Complete page 1, Schedule K, and Schedule M-1 of Form 1120S.

Phil Williams and Liz Johnson are 60% and 40% shareholders, respectively, in WJ Corporation, a Subchapter S corporation. The corporation had the following activity during the year:

Complete page 1, Schedule K, and Schedule M-1 of Form 1120S.

Income	$ 336,123
Interest income	1,259
Dividend income (qualified)	4,586
Long-term capital gains	13,458
Total revenue	$ 355,426
Expenses
Salaries and wages (nonofficers)	$ 47,000
Salaries and wages, owners and officers	125,000
Depreciation (MACRSincludes $9,000 179 expense)	41,888
Interest expense	5,220
Taxes and licenses	15,548
Meals (100%)	15,257
Auto	5,254
Insurance (nonofficer health)	6,000
Accounting and legal	2,800
Repairs	1,200
Charitable contributions	2,500
Payroll penalties	500
Total expenses	$ 268,167
Net income	$ 87,259

Complete page 1, Schedule K, and Schedule M-1 of Form 1120S.

During the year, the corporation made a distribution of $20,000, in total, to its shareholders.

Complete page 1, Schedule K, and Schedule M-1 of Form 1120S.