Federal Income Tax 1120, Corporate Tax Return Help me with this, please.

ABC Corporation111 main Street

Knoxville TN 37904

Employer ID 12-345

Incorporated 1/1/2000

Total Assets - 6,000,000

Fiscal year 1/1/20 – 12/31/20

Income: Gross Sales $ 900,000

Returns and Allowances $10,000

Interest Income 7,000

Dividends from a less than 20% owned domestic corp. 10,000

Dividends from a 20% or more owned domestic corp. 5,000

Dividends from an affiliated group member 3,000

Proceeds and cost basis for short term capital gain transactions 1,000 and 800 respectively

Proceeds and cost basis for long term capital gain transactions 10,000 and 7,000 respectively

Other long term capital gain distributions 500

Other Income 4300

Expenses:

Officer compensation - John Doe, SSAN 123-45-6789; 100% of time devoted to ABC; 60% common stock ownership – Compensation 100,000

Other salaries and wages 150,000

Inventory purchases 300,000; cost of labor 100,000; other inventory costs 60,000; beginning inventory 40000; ending inventory 10,000. No changes in valuations or cost determinations

Repairs and maintenance 5,000

Bad debts 3,000

Taxes and licenses 4000

Interest expense 10,000 – no limitations

Charitable contributions 2,000

Depreciation 13,000 – omit form 4562

Advertising 6,000

Other – Net operating loss deduction – 20,000

Other information

2020 estimated tax payments 26,000

Tax deposited with Form 7004 - 1,000 (omit form 7004 – application for extension)

Use prevailing TCJA flat tax rate on corporate income; no other adjustments or tax credits

In addition, to form 1120, you will need separate schedules D, 1125-A, and 1125-E. on 1120, you will not need to schedule K, L, M-1, or M-2. You do not have the information for those.