Floyd Corporation was formed and began operations on January 1, 2020. The corporation is located at 201 N. Main St., Pearsburg, VA 24134 and the EIN is 91-1111111. The corporation's income statement for the year and the balance sheet at year-end are presented below.

The Floyd Corporation Income Statement for the Year Ended December 31, 2020

Gross income from operations $320,000

Qualified dividends received from a 15% owned domestic corporation 20,000

Total gross income 340,000

Cost of goods sold (70,000)

Total income 270,000

Other expenses:

Compensation of officers $80,000

Salaries and Wages 20,000

Bad debts(direct charge-offs) 9,000

Repairs 3,000

Depreciation for book(tax depreciation=$90,000). 10,000

Advertising 3,000

Payroll taxes 15,000

Total other expenses (140,000)

Pretax book income 130,000

Income tax expense 25,200

Net income $104,800

The Floyd Corporation Balance Sheet as of December 31, 2020

Assets:

Cash $ 140,6000

Accounts receivable 20,000

Inventory (at cost) 70,000

Equipment. 90,000

Less: accumulated depreciation. (10,000)

Total Assets $310,600

Liabilities and owners' equity:

Accounts payable $24,000

Other liabilities 16,800

Note payable (due in 10 years) 85,000

Common stock 80,000

Retained earnings 104,800

Total liabilities and owners' equity $310,600

The corporation made estimated tax payments of $90,000. Complete Tax return Form 1120 for Floyd Corporation.