Hello, I need help to get the answer for corporate tax.

Corporate and Entity Taxation

L. Smith Co is in the business of selling electronics to consumers. L. Smith was incorporated March 10, 2018

had the following data available from its adjusted trial balance for its first year of operations, ended December 31, 2018.

Debits Credits

Cash 82,100

Accounts receivable 65,300

Inventory 10,200

Prepaid insurance 2,600

Equipment 48,700

Accumulated depreciation, equipment 4,870

Furniture 61,000

Accumulated depreciation, furniture 4,692

Wages payable 1,500

Accounts payable 29,400

Note payable 51,200

Common Stock 49,300

Additional Paid In Capital 8,500

Dividends 26,700

Sales revenue 1,340,000

Sales returns and allowances 6,200

Interest income from Illinois state bonds 1,500

Dividend income 45,000

Cost of goods sold 850,000

Wage and salaries expense - Officers 78,000

Wage and salaries expense - Other 250,000

Depreciation expense 9,562

Insurance expense 3,500

Business meals 5,400

Business entertainment 1,200

Rent expense 15,900

Fines and fees 1,100

Supplies expense 1,900

Interest expense 1,200

Charitable contributions 15,400

Additional information is available for the preparation of the tax return for tax year 2018:

Note payable is due in its entirety on June 30, 2020.

Direct materials purchases for the year was $860,200. No beginning inventory.

Dividend income is from M. Ditka Inc. L. Smith owns 15% of M. Ditka.

Tax depreciation for equipment, a 5-year asset, is $9,740 and tax depreciation for furniture, a 7-year asset is $8,717

No beginning balances in retained earnings or earnings and profits since it's a new corporation.

The corporation did not compute a provision for income tax expense in its financial statements

Requirements:

1. Use a federal tax return including supporting schedules for Luis using the tax forms, relevant amounts, and tax rates for tax year 2018.

2. Use the fill-in tax forms found at the IRS web site (www.irs.gov). You are not allowed to use a tax preparation software.

3. Make sure you include a separate page showing the income tax computation using the tax rate schedules for 2018.

4. Use a cover letter summarizing his return.

5. Submissions must be type