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. On May 1, 1989. Brendan McLeod and Duncan Ryan formed Angler Corporation to sell fishing tackle. Pertinent information regarding Angler is summarized as follows: The business address is 3027 Woodland Ridge Blvd., Baton Rouge, Louisiana 70816. The employer identification number is 75-3392543; the principal business activity code is 451110. Brendan and Duncan each own one-half of the outstanding common stock, no other class of stock is authorized. Brendan is president of the company, and Duncan is secretary-treasurer. Both are full-time employees of the corporation, and each receives a salary of $239.470. Brendan's Social Security number is 145-26-2593. Duncan's Social Security number is 287-43-4945. The corporation uses the accrual method of accounting and reports on a calendar basis. Inventories are determined by using the lower of cost or market method. For book purposes, the straight-line method of depreciation is used. MACRS depreciation was $136,720 for the year. During 2020, the corporation distributed a cash dividend of $135,820. . Selected portions of Angler's profit and loss statement of 2020 reflect the following debits and credits: Debit Credit $3,574.200 $135,820 1.997,978 221,600 42,890 25.019 28,594 Account Gross sales Sales returns and allowances Cost of goods sold Dividends received from stock investments in less than 20% owned U.S. corporations Interest income State bonds Certificates of deposit Premiums on term life insurance policies on the lives of Brendan and Duncan: Angler Corporation is the designated beneficiary Salaries-officers Salaries-clerical and sales Taxes (state, local, and payroll) Repairs Interest expense Donations to DNC Advertising Rental Expense Depreciation 478.940 386.014 50,039 25.019 21,445 10.723 7,148 39,316 60,761 31-Dec-19 31-Dec-20 Assets Cash Trade notes and accounts receivable Inventories Certificates of Deposit State bonds Prepaid Federal tax Buildings and other depreciable assets Accumulated depreciation Land Other assets $480.000 808.200 600,000 130,000 170,000 $461,326 1,060,600 786,324 130.000 170.000 915 303.807 (149,561) 20.000 1.000 240,000 (88,800) 20,000 3,600 Total assets $2,363,000 $2.784.411 Liabilities and Equity Accounts payable Other current liabilities Mortgages Capital stock Retained earnings $340,000 57.860 220.000 500,000 1,245,140 $310,955 71,484 260,917 500,000 1.641,055 Total liabilities and equity $2,363.000 $2.784.411 Net income per books (before any income tax accrual) Income Tax Expense $621,912 90.177 Net Income 531.735 During 2020. Angler Corporation made estimated tax payments of $90,177 to the IRS. Prepare a Form 1120 for Angler Corporation for tax year 2020. Include Forms 1125-A, 1125-E and Schedule G (Form 1120). . On May 1, 1989. Brendan McLeod and Duncan Ryan formed Angler Corporation to sell fishing tackle. Pertinent information regarding Angler is summarized as follows: The business address is 3027 Woodland Ridge Blvd., Baton Rouge, Louisiana 70816. The employer identification number is 75-3392543; the principal business activity code is 451110. Brendan and Duncan each own one-half of the outstanding common stock, no other class of stock is authorized. Brendan is president of the company, and Duncan is secretary-treasurer. Both are full-time employees of the corporation, and each receives a salary of $239.470. Brendan's Social Security number is 145-26-2593. Duncan's Social Security number is 287-43-4945. The corporation uses the accrual method of accounting and reports on a calendar basis. Inventories are determined by using the lower of cost or market method. For book purposes, the straight-line method of depreciation is used. MACRS depreciation was $136,720 for the year. During 2020, the corporation distributed a cash dividend of $135,820. . Selected portions of Angler's profit and loss statement of 2020 reflect the following debits and credits: Debit Credit $3,574.200 $135,820 1.997,978 221,600 42,890 25.019 28,594 Account Gross sales Sales returns and allowances Cost of goods sold Dividends received from stock investments in less than 20% owned U.S. corporations Interest income State bonds Certificates of deposit Premiums on term life insurance policies on the lives of Brendan and Duncan: Angler Corporation is the designated beneficiary Salaries-officers Salaries-clerical and sales Taxes (state, local, and payroll) Repairs Interest expense Donations to DNC Advertising Rental Expense Depreciation 478.940 386.014 50,039 25.019 21,445 10.723 7,148 39,316 60,761 31-Dec-19 31-Dec-20 Assets Cash Trade notes and accounts receivable Inventories Certificates of Deposit State bonds Prepaid Federal tax Buildings and other depreciable assets Accumulated depreciation Land Other assets $480.000 808.200 600,000 130,000 170,000 $461,326 1,060,600 786,324 130.000 170.000 915 303.807 (149,561) 20.000 1.000 240,000 (88,800) 20,000 3,600 Total assets $2,363,000 $2.784.411 Liabilities and Equity Accounts payable Other current liabilities Mortgages Capital stock Retained earnings $340,000 57.860 220.000 500,000 1,245,140 $310,955 71,484 260,917 500,000 1.641,055 Total liabilities and equity $2,363.000 $2.784.411 Net income per books (before any income tax accrual) Income Tax Expense $621,912 90.177 Net Income 531.735 During 2020. Angler Corporation made estimated tax payments of $90,177 to the IRS. Prepare a Form 1120 for Angler Corporation for tax year 2020. Include Forms 1125-A, 1125-E and Schedule G (Form 1120)