• Just need the items on the requirements tab. This is a corporate tax class. The files can be found online.

Funky Chicken, Inc. Income Statement (Per Books) For Year Ended 12/31/16 Sales Revenue COGS Gross Profit Operating Expenses: Compensation Depreciation Employment Taxes Bad Debt Expense Interest Rent Expense - Building Warranty Expense Meals & Entertainment Repairs & Maintenance Fines & Penalties Charitable Contributions Other Business Expenses $ $ $ 14,000,000 -8,000,000 6,000,000 2,200,000 260,000 240,900 50,000 129,000 36,000 150,000 45,000 237,000 60,000 300,000 75,000 (3,782,900) Other Income (Losses): Interest Received on State of Nevada Bonds Dividends Received from Coca-Cola Capital Loss on Abercrombie Stock Gain on Sale of Equipment Net Income Before Taxes Federal Income Tax Expense State (NC) Income Tax Expense Net Income 3,000 9,000 (18,000) 40,000 34,000 $ $ 2,251,100 (801,992) (135,066) 1,314,042 Additional Information: 1 For tax purposes, Funky Chicken always elects to Section 179 eligible property. Funky Chicken does not have any Section 179 carryover to use. For book purposes, Funcky Chicken uses straight-line depreciation. On August 6, 2016, Funky Chicken purchased $46,000 of new office furniture. On Sept. 25, 2016, Funky Chicken purchased $64,000 of equipment. None of the depreciation is allocated to COGS (263A). 2 Funky Chicken wrote off $40,000 in accounts receivable as uncollectible during the year. 3 Funky Chicken owns