IMr. X and Y each invested $50,000 to start a plumbing business on 01/01/2018 Prepare 2018 CORPORATE Tax Return from the following information Dr 23,000 85,000 30,000 185,000 6 Cash 7 Accounts Receivable 8 Investment in Stocks/Bonds 9 Equpment 10 Accumulated Depreciation 11 Accounts Payable 12 Common Stock 13 Sales 14 Interest income 15 Dividend ( 5% owned) 16 Cost of sales 17 Salaries to X 18 Salaries to Y 19 Other salaries 20 Charitable Contribution 21 Rent 22 Utilities 23 Penalties 24 Advertising 25 Depreciation-MACRS 26 Contract Labor 43,000 120,000 100,000 873,000 2,500 1,500 450,000 50,000 50,000 85,000 1,000 60,000 18,000 1,000 24,000 43,000 35,000 1,140,000 1,140,000 Taxable income 60,250 32 Check Figures 33 34 form 1120 line # 35 26 Amount 427000 53,000 750 60,250 29 39 40 41 Schedule C Ha) 42 12,653 1,500 65 750 750 43 46 ScheduleL 15(d) 25(d) 48 Schedule M-1 49 50 280,000 50,012 47,347 12,653 1,000 61,000 5 Penalty D F G H I 53 Schedule M-2 DO NO E 61,000 47,347 47,347 IMr. X and Y each invested $50,000 to start a plumbing business on 01/01/2018 Prepare 2018 CORPORATE Tax Return from the following information Dr 23,000 85,000 30,000 185,000 6 Cash 7 Accounts Receivable 8 Investment in Stocks/Bonds 9 Equpment 10 Accumulated Depreciation 11 Accounts Payable 12 Common Stock 13 Sales 14 Interest income 15 Dividend ( 5% owned) 16 Cost of sales 17 Salaries to X 18 Salaries to Y 19 Other salaries 20 Charitable Contribution 21 Rent 22 Utilities 23 Penalties 24 Advertising 25 Depreciation-MACRS 26 Contract Labor 43,000 120,000 100,000 873,000 2,500 1,500 450,000 50,000 50,000 85,000 1,000 60,000 18,000 1,000 24,000 43,000 35,000 1,140,000 1,140,000 Taxable income 60,250 32 Check Figures 33 34 form 1120 line # 35 26 Amount 427000 53,000 750 60,250 29 39 40 41 Schedule C Ha) 42 12,653 1,500 65 750 750 43 46 ScheduleL 15(d) 25(d) 48 Schedule M-1 49 50 280,000 50,012 47,347 12,653 1,000 61,000 5 Penalty D F G H I 53 Schedule M-2 DO NO E 61,000 47,347 47,347