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I finished my homwork but didn't get the right answers, please help me figure out where is wrong and it will be dued on this afternoon.

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\fExhibit 2 Elm' 'r Seecorp, Inc. Income Statement Year ended December 31, 2016 Gross receipts $1,000,000 Cost-ofGoods Sold (250,000) Dividend Income 50,000 Interest Income 1 1,000 Capital losses 135,000! $276,000 Salaries and wages ($345,000) Compensation of ofcers (75,000) Rents (55,000) Property taxes (10,000) Utilities (20,000) Depreciation (100,000) Charitable contributions (20,000) Federal income tax (3 5,000) State income tax i 12,0001 6? 000 104 000 Property Transactions PurchaseHr Price Date Sale Price Date 100 shares of CYA stock $3,000 1f1f2001 $7,000 1!15!2016 2,000 shares of ABZ stock $100,000 63'302'2001 $54,000 6f29f2016 City of LA Bonds $25,000 10(152'2015 $22,000 2fl4f2016 State ofMI Bonds $125,000 513022015 $135,000 108142016 "The taxpayer received 1099s for these transactions, but the basis was not reputed to the IRS. Section 199 Information Domestic Production Gross Receipts $311,463 Allocable Cost of Goods Sold $63,493 Deductions Allocable to DPGR $142,858 W-Z Wages Related to QPAI $40,000 Rguired Use the information above to complete the assigned forms and schedules of the corporation's Form 1120 and Schedule D (you will not be ling a complete retum). Taxpayer Information Part1Fomr1120 During the year ended 128112016, Elixir Seecorp: 0 Paid dividends of $198,000 to Ms. Maine, and $22,000 to LB. Anderson. 0 Paid ofcer's compensation of $75,000, of which $50,000 was paid to Ms. Maine (who was actively involved in the busines s}. 0 Made four equal and timely estimated tax payments ($8,750 each to the federal government; $3,000 each to the state government). 0 Received exempt municipal interest income of $5,000. 0 Received dividend income of $30,000 from lVIiracle Cure, Inc., (in which Eliin has a 30% ownership interest) and $20,000 from corporations in which Elixir has a 20% ownership interest. All dividends are qualied dividends. 0 Paid no salariesfwages attributable to inventories. 0 Calculated cost recovery using MACRS of $90,000. The corporation's balance sheets and income statement are presented in Exhibits 1 and 2, respectively. Exhibit 1 Elixir Seemrp, Inc. Balance Sheet Years ended December 31, 2015 and 2016 Balances as of ASSETS 1281:9015 12.01.0016 Cash $ 25,000 $ 36,000 inventory 150,000 1 00,000 Depreciable assets (net) 300,000 200,000 TOTAL ASSETS m M LiABILITIES 8:. RETAINED EARNINGS Accounts payable (inventory) $ 10,000 $ 12,000 Notes payable 25,000 0 Common stock 25,000 25,000 Unappropriated retained earnings 415,000 299,000 TOTAL LIABILITIES & RETAINED EARNINGS m M Elixir Sseoorp . Income per - ' Return Gross recei-ts Cost of goods sold Dividend income n eres Income $35,000 $100 $10,000 ($6, .400) CaIitaI loss Com- nsation of ofcers Salaries & wages Rents ProI - taxes Depreciation -100,000 Utilities -20 000 State income tax $617,000 $10, 000 $607, 000 Income before Charitable Contributions, Taxes, & S necial Deductions 159,000 40,000 199,000 Charitable contributions -20,000 100 ($19,900) Income before Income Taxes 8. Special Deductions 139,000 40,100 179,100 Domestic Iroduction activities -6,400 -6,400 , Provision for Federal Income Taxes -35,000 35,000 (63,493) Net Income 104,000 68,700 172,700 182,858 8- - cial Deduction- Dividends Received 0 -37,000 -37,000 Federal Taxable Income $104,000 $31,700 $135,700 9% Federal Income Tax Expense Inc. Bracket _- Wm 55\"" --- $25,000 25% 56.250 $25,000 34% - \"9" --- Total Tax Due $41, 516 Estimated Taxes Paid $35 000 Refund Due =