In order to complete this exercise, you must first download the following tax form: http://www.irs.gov/pub/irs-pdf/f1120.pdf. On February 12, 1998, Brandon Short and Michael Allen formed Angler Corporation to sell fishing tackle. Pertinent information regarding Angler is summarized as follows: ? Anglers business address is 1717 Carlson Street, Sidney, NY 13838; its telephone number is (607) 555-2211; and its e-mail address is angler@angler.com. ? The employer identification number is 11-1111111, and the principal business activity code is 451110. ? Brandon and Michael each owned 50% of the common stock and are president aand vice president of the company, respectively. No other class of stock is authorized. ? Both Brandon and Michael are full- time employees of Angler, and their Social Security numbers are 123-45-6789 and 978-65-4321. ? Angler is an accrual method, calendar year tax payer. Inventories are determined using FIFO and the lower cost of market method. Angler uses the straight line method of depreciation for both book and tax purposes. ? During 2008, the corporation distributed cash dividends of $80,000. Anglers financial statements for 2008 are shown below. INCOME STATEMENT INCOME Gross sales $2,300,000 Sales returns and allowances (80,000) Net sales $2,220,000 Cost of goods sold (920,000) Gross profit $1,300,000 Dividends received from stock investments in less-than-20%-owned U.S. corporations 120,000 Interest income State bond $14,000 Certificate of deposit 10,000 24,000 Total income $1,444,000