For the following Question, please fill out form 1120 and sch c using the information below.

This assignment asks you to fill out 2019 Form 1120 and Schedule C (for dividend received deduction). It is based on the multiple-choice question pasted below. Use the current 21 percent tax rate. 1281 In the current year, Acom, Inc., had the Ellowing items of and expense: Sales Cost Of sal es Dividends received $500,000 250,000 25,000 The dividends were received from a corporaion of which Acom owns 30%, In Acom's current- year income tax retum, what amount should be reported as income before special deductions? A. $525,000 B. $508,750 c. $275,000 D, $250,000 The correct answer is C. A, The amount of $525,000 fails to deduct he cost of sales, B. The Of $508,750 incorrecdy takes deduction, and it fails to deduct cost of sales. C. before special deductions accounts br all except for NQ- carrybacks, capital loss carrybacks, and dividends-received deducton. Thus, income before special deductions is $275,000 ($500,000 + $25,000 $250,000). D. The anunt of $250,000 fails include he received as income.