Hi, I need help completing Corporation Income Tax Return form 1120

ACCT 4611 - Controllership I Corporate Tax Return Problem Dr. Hagan July 17, 2017 On May 1, 1989, Brendan McLeod and Duncan Ryan formed Angler Corporation to sell fishing tackle. Pertinent information regarding Angler is summarized as follows: The business address is 3027 Woodland Ridge Blvd., Baton Rouge, Louisiana 70816. The employer identification number is 75-3392543; the principal business activity code is 451110. Brendan and Duncan each own one-half of the outstanding common stock; no other class of stock is authorized. Brendan is president of the company, and Duncan is secretary-treasurer. Both are full-time employees of the corporation, and each receives a salary of $140,000. Brendan's Social Security number is 145-26-2593. Duncan's Social Security number is 287-43-4945. The corporation uses the accrual method of accounting and reports on a calendar basis. Inventories are determined by using the lower of cost or market method. For book and tax purposes, the straight-line method of depreciation is used. During 2016, the corporation distributed a cash dividend of $80,000. Selected portions of Angler's profit and loss statement of 2016 reflect the following debits and credits: Account Debit Credit Gross sales $2,190,000 Sales returns and allowances $80,000 Cost of goods sold 950,000 Dividends received from stock 120,000 investments in less than 20% owned U.S. corporations Interest income State bonds $14,000 Certificates of deposit 10,000 24,000 Premiums on term life insurance 11,000 policies on the lives of Brendan and Duncan; Angler Corporation is the designated beneficiary Salaries-officers 280,000 Salaries-clerical and sales 290,000 Taxes (state, local, and payroll) 38,000 Repairs 29,000 Interest expense 18,000 Fines for dumping toxic waste 9,000 Advertising 6,000 Rental Expense 39,000 Depreciation 40,000 A comparative balance sheet for Angler Corporation reveals the following information: Assets Cash Trade notes and accounts receivable Inventories Certificates of Deposit State bonds Prepaid Federal tax Buildings and other depreciable assets Accumulated depreciation Land Other assets Total assets Liabilities and Equity Accounts payable Other current liabilities Mortgages Capital stock Retained earnings Total liabilities and equity January 1, 2016 $480,000 808,200 600,000 140,000 160,000 --240,000 (88,800) 20,000 3,600 December 31, 2016 $334,100 1,060,600 736,000 140,000 160,000 2,800 240,000 (128,800) 20,000 1,000 $2,363,000 $2,565,700 $340,000 57,860 220,000 500,000 1,245,140 $273,000 41,000 200,000 500,000 1,551,700 $2,363,000 $2,565,700 Net income per books (before any income tax accrual) Income Tax Expense $544,000 157,440 Net Income $386,560 During 2016, Angler Corporation made estimated tax payments of $160,240 to the IRS. Prepare a Form 1120 for Angler Corporation for tax year 2016. Include Forms 1125-A, 1125-E and Schedule G (Form 1120)