I need to fill out the IRS form 1120. Please use the following information that I have attached.

Instructions 1. Tax forms can be found at irs.gov 2. Prepare Income Statement Financial accounting based 3. Prepare Balance Sheet Financial accounting based 4. Prepare 2016 Form 1120 (5 pages) 5. Prepare Form 1120 - Schedule D 6. Include all supporting calculations May be hand-written 7. Tax return and schedules MUST be typed Anything hand-written will not be accepted SKIP SCHEDULE J on the top of page 3 and leave the BEGINNING YEAR SECTION BLANK ON SCHEDULE L. Facts Razorback Sports Inc. was formed in 2013 by Austin Williams and Tyler Jacobs. Austin and Tyler officially incorporated their store on March 12, 2014. Razorback Sports sells all kinds of sports-related products including equipment, uniforms and athletic shoes. Austin owns 60% of the outstanding common stock of Razorback Sports and Tyler owns the remaining 40%. Razorback Sports is located at 123 College Ave, Fayetteville, AR 72701. Its employer identification number is 29-5748859 and its business activity code is 451110. Razorback Sports uses the accrual method of accounting and has a calendar yearend. The officers of Razorback Sports and their Social Security numbers are: Name Austin Williams Tyler Jacobs Kellie Francis Jason Roberts Title SS number CEO/President 123-45-6789 Executive VP 789-12-3456 Operations VP 321-54-9876 Secretary 987-65-4321 A trial balance for the corporation is attached. Additional information is presented below. 1. 2. 3. Razorback Sports has a capital loss carry over from last year of Interest income: a. From a City of Fayetteville bond that was used to fund new police station b. From a City of Fayetteville bond that was used to fund an NFL stadium c. From a U.S. Treasury bond d. From a money market account Razorback Sports sold equipment. a. Selling price b. Original purchase price c. Total book depreciation on the equipment d. Total tax depreciation on the equipment Amount 4,480 2,854 4,058 4,384 7,904 12,544 14,720 7,360 10,112 4. Razorback Sports' dividend income came from Cardinal Inc. Razorback Sports owned 25,000 shares of the stock in Cardinal at the beginning of the year. This represented 15% of the Cardinal outstanding stock. 5. On July 22, 2016 Razorback Sports sold 2,500 shares of its Cardinal Inc. stock. a. Selling price b. Razorback originally purchased these shares on April 24, 2014 c. After the sale, Razorback Sports owned 12.5% of Cardinal Inc. Interest expense: a. From the mortgage on Razorback Sports' building b. From business-related loans Wages to non-officers are Pension expense is the same for both book and tax purposes. Miscellaneous expenses include premiums paid on term life insurance policies on the lives of Austin and Tyler (Razorback Sports is the beneficiary of the life insurance policies). Miscellaneous expenses include parking fines issued by the City of Fayetteville 6. 7. 8. 9. 10 . 11 . 12 . 13 . 14 . 15 . 16 . 17 . 44,800 30,720 67,456 11,904 768,000 4,160 224 The corporation uses MACRS depreciation for tax purposes. The corporation purchased all of its equipment on July 1, 2014. Razorback Sports took the maximum amount of 179 depreciation (no bonus depreciation). The equipment is all 7 year property. a. Cost of the equipment Accounts receivable written off by Razorback Sports during the year were 960,000 19,200 On December 1, 2016 Razorback Sports paid a dividend to its shareholders of 102,400 Razorback Sports made four equal estimated tax payments of 83,200 a. If it has overpaid its federal tax liability, Razorback would like to receive a refund. The corporation paid the following compensation to its officers: Austin Williams Tyler Jacobs Kellie Francis Jason Roberts All officers devote 100% of their time to the business and all officers are U.S. citizens. Neither Kellie nor Jason owns any stock in Razorback Sports. 358,400 313,600 134,400 89,600 Accounts payable Accounts receivable Accumulated depreciation Advertising expense Allowance for doubtful accounts Bad debt expense Capital gains Capital stock (common) Cash Charitable contributions Compensation expense Cost of goods sold Depreciation expense Dividends (paid) Dividends (received) Equipment Federal income tax expense Gain from disposition of fixed assets Interest expense Interest income Inventory Investments in state & local bonds Investments in stock Investment in U.S. government bonds Land Maintenance expense Meals & entertainment Miscellaneous expense Mortgage payable Other assets Other current liabilities Other liabilities Other taxes Pension plans expense Professional services expense Property tax expense Retained earnings (1/1/2016) Sales Sales returns & allowance State income tax expense Supplies expense 281,600 896,000 480,000 69,120 67,776 44,800 14,080 1,152,000 434,176 34,560 1,664,000 1,067,520 25,600 102,400 15,360 960,000 321,024 5,184 79,360 19,200 2,176,000 179,200 352,000 89,600 3,520,000 32,000 6,720 52,480 1,967,488 345,600 153,600 220,160 71,680 53,760 40,960 57,600 4,057,600 4,378,048 48,640 76,800 10,496 $12,812,09 6 $12,812,096