Floyd Corporation was formed and began operations on January 1, 2021. The corporation is located at 210 N. Main St., Pearisburg, 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, 2021 Gross income from operations $320,000 Qualified dividends received from a 15 percent-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, 2021 Assets: Cash $140,600 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 $9,000. Assume any overpayment is credited to the 2022 estimated tax. Required: Prepare Form 1120 for Floyd Corporation. Enter all amounts as positive numbers, except for a "loss". If required, enter a "loss" as a negative number on the tax form. If an amount box does not require an entry, or the answer is zero, enter "0".

Please show how to complete form 1120, show all steps as to how to pull the information from a income statement, including how to compute federal tax.