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Huge Corporation reports the following ledger balances for its balance sheet accounts for the current year: Beginning of Year End of Year Cash 40,000 70,000

Huge Corporation reports the following ledger balances for its balance sheet accounts for the current year:

Beginning of Year

End of Year

Cash

40,000

70,000

Accounts Receivable

23,000

21,500

Inventories

26,000

53,500

Marketable Securities

30,000

30,000

Investment in 100%-owned subsidiary

100,000

115,000

Depreciable Assets

100,000

100,000

Less: Accumulated depreciation

(20,000)

(30,000)

Total Assets

299,000

359,500

Accounts Payable

50,000

80,000

Short-term Loans payable

20,000

35,000

Mortgage payable

80,000

79,000

Common Stock

1,000

1,000

Additional paid-in capital

49,000

49,000

Retained Earnings

99,000

115,500

Total Liabilities & SH Equity

299,000

359,500

Huge reports the following account balances for its income and expenses for the current year:

Sales

720,000

Purchases

570,000

Dividend from 100%-owned subsidiary

30,000

Dividend from less-than-20% owned subsidiary

10,000

Salaries (including officer salaries of 30,000)

90,000

Repairs

12,000

Contributions to charity

60,000

State and local taxes

7,500

Interest expense

11,000

Financial accounting depreciation

10,000

MACRS depreciation

17,490

Federal Income tax expense per books

10,000

In addition, Huge reported an NOL carryover of 12,000 from the preceding year and paid current year estimated taxes of 10,000.

Prepare a current year Form 1120 and 1125-A for Huge. Leave spaces blank if the information is not provided.

From 1120 https://www.irs.gov/pub/irs-pdf/f1120.pdf

From 1124-A https://www.irs.gov/pub/irs-access/f1125a_accessible.pdf

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