Comprehensive Problem 11-1 Olive Corporation was formed and began operations on January 1, 2017. The corporation's income statement for the year and the balance sheet at year-end are presented below. The Olive Corporation Income Statement for the Year Ended December 31, 2017 Gross income from operations Qualified dividends received from a 35 percent-owned domestic corporation Total gross income Cost of goods sold Total income Other expenses: Compensation of officers Salaries and wages Bad debts (direct charge-offs) Repairs Depreciation for book and tax purposes Advertising Payroll taxes Total other expenses $270,000 20,000 $290,000 (110,000 $180,000 $77,000 30,000 9,000 3,000 10,000 2,000 16,000 147,000 Net income (before federal income tax expense) The Olive Corporation Balance Sheet as of December 31, 2017 Assets: Cash Accounts receivable Inventory (at cost) Equipment Less: accumulated depreciation Total assets Liabilities and owners' equity: Accounts payable Note payable (due in 10 years) Common stock Retained earnings Total liabilities and owners' equity $30,000 20,000 70,000 90,000 10,000) $200,000 $4,550 85,000 80,000 30,450 $200,000 The corporation made estimated tax payments of $3,000 and the corporation's federal income tax expense is equal to the federal tax liability. Assume any overpayment is credited to the 2018 estimated tax. Required: Prepare Form 1120. rm. 1. Enter all amounts as positive numbers, except for a "Toss. If required, enter a Toss" as a negative number on the tax fo 2. If an amount box does not require an entry, or the answer is zero, enter "O