KJJ Corp, was formed on October 10, 1998 by Kimberly Jen (123-45-6789) Jennifer James (234-56-7890) and James Kim (345-67-8901). It is a hardware store and is located at 175 Clerk Road, Newtown, OH 45105. KJJ's employer identificatoin number is 10-1010101 and business code is 444130. KJJ's telephone number is 513-525-1234 and its email address is KJJCorp@kjj.com. KJJ Corp. uses the calendar year and the accrual basis. It uses straight line depreciation for tax and book purposes and FIFO and lower of cost or market for inventory purposes Kimberly, Jennifer and James each received 200 shares of KJJ Corp's common stock has been issued or is outstanding. Each is full-time employee of the firm and each is paid $200,000. KJJ Corp made $105,000 (35,000 to each owner) cash distribution in 2012. During 2012, KJJ Corp made estimated federal tax payments of $55,000 each quarter. Financial information follows: Income Statement Income Sales 5400000 Sales returns and allowances 20000 Net sales 5380000 Cost of good sold 3120000 Gross profit 2260000 Interest income Corpoarate bonds 20,000 State bonds 60,000 80,000 Dividend income 100,000 Total income $2,440,000 Expenses Salaries-officers 600,000 Salaries and wages-other 510,000 Life insurance premiums on three owners/officers KJJ Corp is the beneficiary 20,000 Repairs and maintenance 30,000 Taxes (state, local, payroll) 249,000 interest expense Loans to acquire $25,000 State bonds Other 47,000 72000 Advertising 36000 Charitable contribution 25,000 Depreciation 120,000 Employee benefits program 63000 Total expenses 1725000 Net income before taxes 715000 Federal income taxes -214,200 Net income per books 500800 Balance Sheet 12/31/2011 12/31/2012 Assets Cash 400,000 550,000 Trade and accounts receivables 600,000 623,000 Inventories 1500000 1330000 Corporate bonds 250,000 260,000 State bondsq 800,000 851,000 Sotck (,20%-owned, domestic corporations 900000 1000000 Prepaid federal income taxes 0 5800 Property, plant and equipment 3,000,000 3,030,000 Accumulated depreciation -1100000 -1220000 Land 50,000 50,000 Other assets 6000 3000 Total assets 6406000 6482800 Liabilities and Owner's Equity Accounts payable 301,000 257,000 Other current liabilites 405,000 430,000 Mortgages 1500000 1200000 Capital stock 3,000,000 3,000,000 Retained earnings 1,200,000 1,595,800 Total liabiliteis and Owners' Equity 6,406,000 6,482,800 Prepare KJJ Corp's Form 1120 and related schedules-schedules A, C, E, J, K, L, M-1 and M-2 Do NOT complete Form 4562 depreciation calculation) since you do not all the information.