Mr. A and B each invested $100,000 to start a plumbing business on 01/01/2020 Prepare 2020 CORPORATE Tax Return from the following information Dr Cr Cash 45,000 Accounts Receivable 85,000 Investment in Stocks/Bonds 30,000 Equpment 185,000 Accumulated Depreciation 43,000 Accounts Payable 70,000 Common Stock 200,000 Sales 850,000 Interest income 1,500 Dividend ( 5% owned) 5,000 Cost of sales 450,000 Salaries to A 60,000 Salaries to B 60,000 Other salaries 65,000 Charitable Contribution Rent 60,000 Utilities 18,000 Penalties 1,000 Advertising 24,000 Depreciation-MACRS 43,000 Contract Labor 42,500 1,000 1,169,500 1,169,500 Taxable Income 30,500 Check Figures line # form 1120 11 26 290 Amount 406500 60,500 2,500 30,500 108 6,513 5,000 30 34 35 Schedule C 1(a) Schedule L Schedule M-1 15(d) 25 1 2 5 Penalty 10 302,000 25,280 25,280 6,720 1,000 33,000 25,280 25,280 Schedule M-2 2 8 Mr. A and B each invested $100,000 to start a plumbing business on 01/01/2020 Prepare 2020 CORPORATE Tax Return from the following information Dr Cr Cash 45,000 Accounts Receivable 85,000 Investment in Stocks/Bonds 30,000 Equpment 185,000 Accumulated Depreciation 43,000 Accounts Payable 70,000 Common Stock 200,000 Sales 850,000 Interest income 1,500 Dividend ( 5% owned) 5,000 Cost of sales 450,000 Salaries to A 60,000 Salaries to B 60,000 Other salaries 65,000 Charitable Contribution Rent 60,000 Utilities 18,000 Penalties 1,000 Advertising 24,000 Depreciation-MACRS 43,000 Contract Labor 42,500 1,000 1,169,500 1,169,500 Taxable Income 30,500 Check Figures line # form 1120 11 26 290 Amount 406500 60,500 2,500 30,500 108 6,513 5,000 30 34 35 Schedule C 1(a) Schedule L Schedule M-1 15(d) 25 1 2 5 Penalty 10 302,000 25,280 25,280 6,720 1,000 33,000 25,280 25,280 Schedule M-2 2 8