Corporate tax return problem-Custom Designs, Inc. (CDI) Tammy Adams and Fernando Hernandez each own 50% of Custom Designs, Inc. (CDI). On May 6, 2004, they formed CDI to provide architectural services. CDI's information is summarized as follows: CDI's business address is 2120 Adobe Drive, Las Cruces, NM 88011; its employer identification number is 11-1111111, and the principal business activity code is 541310. CDI's financial statement for 2021 is show below: Income Professional fees 739,000 5,000 8,000 6,000 Long-term capital gain Short-term capital gain Long-term capital loss Dividends distributed from Gary Inc. (CDI ownership in Gary is 17%) Interest income State bonds $18,000 Corporate bonds 24,000 Life insurance proceeds on the death of a key employee 20,000 42,000 500,000 Total income 1,308,000 Expenses Salaries-officers Tammy Adams: Fernando Hernandez: 190,000 190,000 Salaries -clerical 380,000 61,000 55,620 Taxes (state, local, and payroll) Advertising 17,650 Rental expenses 9,270 Repairs and maintenance 16,340 Interest expenses: On loan to purchase state bonds On corporate bonds 10,500 25,000 Depreciation* (depreciation for tax purpose is $42,000) Business Meals 35,000 9,800 Total expenses 620,180 Net income before taxes 687,820 Tax 144,442 Income after tax 543,378 During 2021, CDI made estimated tax payment of $10,000 each quarter to the IRS. Prepare a Form 1120 page 1 and schedule M-1 on page 6 for CDI for tax year 2021 (Check your figure: Taxable income: $168220) Also: report dividend income of $20000 on line 4 and do not forget report DRD of $10000 on line 29b