Facts:

ABC Inc. is a calendar year, accrual basis taxpayer engaged in the manufacture and sale of furniture. ABC Inc. was incorporated on January 8, 1995, and its tax information is as follows:

ABC Inc.

2445 Main St.

Champaign, IL 61821

Employer Identification Number: 98-7654321

During the year, ABC Inc. had the following items of income and expense:

12/31/18 12/31/19 Cash $85,000 Accounts Receivable $33,000 $22,000 Inventories $200.000 $200.000 Fixed Assets $100.000 $100.000 Accumulated Depreciation ($14,290) Other Current Asset $1,077 Total Assets $403.710 ??? Accounts Payable $65,000 $52,000 Long-Term Loan Payable $305.000 $255.000 Total Liabilities $370.000 $307.000 Paid-In-Capital $1,000 $1.000 Retained Earnings $32,710 Total Liabilities & Equity $403.710 Using the above information, complete the following tax forms for ABC Inc.: 2019 Form 1120, pages 1, 2, 3, & 6 https://www.irs.gov/pub/irs-pdf/f1120.pdfItem Amount Gross Sales $2,000,000 Cost of Goods Sold ($740,000) Salaries and Wages ($250,000) Repairs and Maintenance ($70,000) Business Meals Expense (total) ($4,300) Dividends received from XYZ Inc. (ABC Inc. $40,000 is a 33% shareholder of XYZ Inc.) Long-Term Capital Gain $5,200 Long-Term Capital Loss ($6,000) Charitable Contributions (all cash) ($70,000) Interest expense ($9,000) Rent expense ($50,000) Advertising expense ($2,200) State income tax expense ($15.000)