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".