Mr. X and Y each invested $50,000 not $100,000. Also partners capital is suppose to be shareholders equity, treated as Common stock on tax return. Complete a form 1120 tax return using the information

Mr. X and Y each invested $100,96e to start a plumbing business on 01/01/2015 Prepare 2015 CORPORATE Tax Return from the following information Dr Cr Cash Accounts Receivable Investment in Stocks/Bonds 23,000 85,000 30,000 185,000 Equpment Accumulated Depreciation Accounts Payable 43,000 120,000 Shareholder Equity(comon st ock) Etuity Common tock 100,000 100,000 873,000 2,500 1,500 Sales Interest income Dividend ( 5% owned) Cost of sales Salaries to X Salaries to Y Other salaries Charitable Contribution Rent Utilities Penalties Advertising 450,000 50,000 50,000 85,000 1,000 60,000 18,000 1,000 24,000 43,000 35,000 Depreciation-MACRS Contract Labor 1,140,000 1,140,000 Taxable Income 55,950