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straight-line method of tion (MACRS) for tax purposes. . During 2019, the corporation distributed cash dividends of $80,000. Kingfisher's financial statements for 2019 are shown below and on the next page. Income Statement Income Gross sales $2,408,000 Sales returns and allowances (80,000) Net sales $2,328,000 Cost of goods sold (920,000) Gross profit $1,408,000 Dividends received from stock investments in less-than-20%-owned U.S. corporations 12,000 Interest income: State bonds $ 14,000 Certificates of deposit 10,000 24,000 Total income $1,444,000 Expenses Salaries-officers: Nancy Trout $160,000 Delores Lake 160,000 $320,000 Salaries-clerical and sales 290,000 Taxes (state, local, and payroll) 85,000 Repairs and maintenance 56,000 Interest expense: Business loans $ 12,000 Loan to purchase state bonds 8,000 20,000 Advertising 6,000 Rental expense 68,000 Depreciation* 40,000 Charitable contributions 15,000 Employee benefit programs 24,000 Premiums on term life insurance policies on lives of Nancy Trout and Delores Lake; Kingfisher is the designated beneficiary 16,000 Total expenses (940,000) Net income before taxes $ 504,000 Federal income tax (106,680) Net income per books $ 397,320 "You are not provided enough detailed information to complete a Form 4562 (depreciation). If you solve this problem using Intuit ProConnect, enter the amount of deprecation on line 20 of Form 1120.CHAPTER 3 Corporations: Introduction and Operating Balance Sheet Assets January 1, 2019 December 31, 2019 Cash $ 380,000 $ 337,300 Trade notes and accounts receivable 308,400 480,280 Inventories 900,000 1,012,000 State bonds 160,000 160,000 Federal income tax refund -0- 1,320 Certificates of deposit 140,000 140,000 Stock investments 300,000 300,000 Building and other depreciable assets 240,000 240,000 Accumulated depreciation (88,800) (128,800) Land 20,000 20,000 Other assets 3,600 2,000 Total assets $2,363,200 $2,564,100 Liabilities and Equity January 1, 2019 December 31, 2019 Accounts payable $ 300,000 $ 233,880 Other current liabilities 80,300 40,000 Mortgages 210,000 200,000 Capital stock 500,000 500,000 Retained earnings 1,272,900 1,590,220 Total liabilities and equity $2,363,200 $2,564,100 During 2019, Kingfisher made estimated tax payments of $27,000 each quarter to the IRS. Prepare a Form 1120 for Kingfisher for tax year 2019. Suggested software: ProConnect Tax Online.T 2 Corporations On February 12, 2005, Nancy Trout and Delores Lake formed Kingfisher Corporation to nnect. sell fishing tackle. Pertinent information regarding Kingfisher is summarized as follows: . Kingfisher's business address is 1717 Main Street, Ely, MN 55731; its telephone number is (218) 555-2211; and its e-mail address is kingfisher@kf.com. . The employer identification number is 11-1111113, and the principal business activity code is 451110. . Nancy owns 50% of the common stock and is president of the company, and Delores owns 50% of the common stock and is vice president of the company. No other class of stock is authorized. . Both Nancy and Delores are full-time employees of Kingfisher. Nancy's Social Secu- rity number is 123-45-6788, and Delores's Social Security number is 123-45-6787. . Kingfisher is an accrual method, calendar year taxpayer. Inventories are deter- mined using FIFO and the lower of cost or market method. Kingfisher uses the straight-line method of deprecation for book purposes and accelerated deprecia- tion (MACRS) for tax purposes. . During 2019, the corporation distributed cash dividends of $80,000. Kingfisher's financial statements for 2019 are shown below and on the next page. Income Statement Income