Complete the 2021 corporate tax return (Form 1120, all 6 pages but no additional forms) for the following scenario. Please note the following: Form 1120 can be found on IRS.gov. Make sure you use the 2021 version of the form. (Do NOT use form 1120F or 1120S, those are for different types of entities. You need just the Form 1120). Form 1120 all pages and schedules need to be completed (including schedules M-1 and M-2; these are often forgotten). For Schedule K, complete the line items that information is provided for and make any reasonable assumptions for the remaining lines. This schedule is graded for effort while the other schedules are graded for accuracy. Check figure: Taxable income line 30, page 1 - $723,443 You are welcome to e-mail, call, or text me with questions. It is often helpful if you include the file you are working with or a picture of your work. Highland Events (HE) is organized in the state of Massachusetts as a corporation and is taxed as a "C" corporation with a calendar year-end. HE operates an event and wedding planning business in the Boston area. HE's address (unchanged since inception), employer identification number (EIN), and date of incorporation are as follows: Highland Events, Inc. 1000 Commerce Street Dallas, TX 75202 EIN: 13-7894563 Date of Incorporation: April 3, 2012 HE's address has not changed since its inception. HE has only common shares issued (no preferred stock). There are currently 10,000 shares of HE common stock issued and outstanding. HE uses the accrual method of accounting and follows GAAP. HE is not a subsidiary nor is it in an affiliated group with any other entity. HE is not audited by a CPA firm and has never had a restatement of its income statement. HE reported the following information for the year: Dividends HE received from a 35-percent-owned corporation of $18,000 (this is also HE's pro rata share of the corporation's earnings). NOL carryover from prior year of $22,700 HE did not pay dividends in excess of its current and accumulated earnings and profits. No dividends were paid in the current year. None of the stock of HE is owned by non-U.S. persons. HE has never issued publicly offered debt instruments. HE is not required to file a Form UTP. HE made several payments in the current year that required the filing of federal Forms 1099. These Forms 1099 were filed timely by HE. During the year, none of the shareholders of HE changed. HE has never disposed of more than 65% (by value) of its assets in a taxable, non-taxable, or tax-deferred transaction. HE did not receive any assets in Section 351 transfers during the year. HE is not required to file Schedule M-3, instead you need to complete Schedule M-1 for the year. Additional information: HE maintains an inventory of several items. Inventory is valued at cost. HE has never changed its inventory method. HE uses specific identification for its inventory. HE has never written down any subnormal goods. The rules of Section 263A (UNICAP) do not apply to HE. HE made four quarterly estimated tax payments of $40,000 each during the current year. Balance Sheet Assets: Cash Accounts Receivable: Inventory Other Current assets Other Long-term assets Total Assets: Liabilities and Shareholders' Equity: Other Current Liabilities Note Payables Capital Stock Additional paid-in Capital Retained Earnings-Unappropriated $ Total Liabilities and Shareholders' Equity: Income Statement for the period ending December 31, 2021 Item Income: Gross Sales Less: Returns Net Sales Cost of Goods Sold Gross Profit Dividend Income 12/31/2020 62,500 113,000 59,000 363,500 1.678,500 12/31/2021 $ 788,028 136,000 96,000 207,750 2,240,000 $2,276,500 $3,467,778 299,910 1,667,000 416,320 2,072,000 1,000 99,000 209,590 1,000 99,000 879.458 $2,276,500 $3,467,778 Amount $ 3,875,000 (12,200) 3,862,800 (1,309,000) 2,553,800 18.000 2,571,800 Total Income: Expenses: Employee Salaries 901,000 Repairs and Maintenance 19,750 Rent 278,500 Payroll Taxes 55,862 Licensing Fees 6,200 Property Taxes Office Supplies 14,670 6,700 Employee Training 2,800 Employee Benefits 26,000 Charitable Contribution 15,000 Advertising 68,000 Meals 4,750 Travel 750 Insurance 21,250 Utilities 378,900 Telephone 16,200 Federal income tax expense 85.600 Total Expenses: 1.901.932 Net Income (Loss): $669.868