need a form 1120

Prepare Form 1120 for ABC Corporation. ABC Corporation was formed on January 2, 1978. ABC is in the business of retailing custom fireplaces and accessories and is located at 150 Clerk Road, Newtown, OH 45105. The corporation's business code is 332299 and its employer identification number is 88-0022330. Stock ownership and officer compensation are as follows: S. Reed # 347-54-1212 50% $60,000 E. Reed #379-12-5447 25% $20,000 J. Reed #406-23-4567 25% $20,000 S. Reed devotes 100% of his time to the business; E. Reed and J. Reed together devote 50% of their time to the business. The corporation made cash distributions of $50,000 on March 15, 2020, and $78,000 on September 15,2020. The distributions were made in proportion to stockholders. The corporation's purchase of additional office equipment at a cost of $10,000 was the only asset transaction during the year. Estimated tax payments of $6,250 each were made on April 14, June 14, September 14, and December 14. Additional data include: Sales Sales returns purchases Dividend income* Interest- city of Chicago bonds Wages Advertising Repairs Bad debts Rents Taxes Charitable contributions (nonpolitical) Depreciation form 4562 (not shown) $538,262 20,000 205,000 1,000 1,500 30,000 18,000 800 2,000 15,000 8,000 1,400 20,000 *Dividends from less-than-20%-owned domestic corporation. Financial Balance Sheet cash Account Receivable Inventories Investment Depreciable assets Accumulated depreciation Account Payable Capital Stock Retained Earnings Unappropriated Beginning of Year $41,200 65,000 40,000 10,000 198,000 (20,000) 30,000 150,000 End of Year $35,700 53,062 45,000 10,000 208,000+ (40,000) 35,000 150,000 154,200 ? + Deliverables 1. 2020 Tax Return. a. Form 1120 (6 pages including Schedules CJ, K, L, M-1, and M-2) b. Form 1125-A Cost of Goods Sold Form 1125-E Compensation of Officers d. Form 4562 Depreciation and Amortization C. 2. Enter your 4- digit codes (6789) in Paid Preparer's block (PTIN) on page 1 Form 1120. You should sign and date the return (penalties for tax preparers are stiff). You will be penalized if you do not give the Paid Preparer's PTIN of 6789. 3. Due at the start of class on Tuesday, November 16th. The forms should be submitted on D2l. Prepare Form 1120 for ABC Corporation. ABC Corporation was formed on January 2, 1978. ABC is in the business of retailing custom fireplaces and accessories and is located at 150 Clerk Road, Newtown, OH 45105. The corporation's business code is 332299 and its employer identification number is 88-0022330. Stock ownership and officer compensation are as follows: S. Reed # 347-54-1212 50% $60,000 E. Reed #379-12-5447 25% $20,000 J. Reed #406-23-4567 25% $20,000 S. Reed devotes 100% of his time to the business; E. Reed and J. Reed together devote 50% of their time to the business. The corporation made cash distributions of $50,000 on March 15, 2020, and $78,000 on September 15,2020. The distributions were made in proportion to stockholders. The corporation's purchase of additional office equipment at a cost of $10,000 was the only asset transaction during the year. Estimated tax payments of $6,250 each were made on April 14, June 14, September 14, and December 14. Additional data include: Sales Sales returns purchases Dividend income* Interest- city of Chicago bonds Wages Advertising Repairs Bad debts Rents Taxes Charitable contributions (nonpolitical) Depreciation form 4562 (not shown) $538,262 20,000 205,000 1,000 1,500 30,000 18,000 800 2,000 15,000 8,000 1,400 20,000 *Dividends from less-than-20%-owned domestic corporation. Financial Balance Sheet cash Account Receivable Inventories Investment Depreciable assets Accumulated depreciation Account Payable Capital Stock Retained Earnings Unappropriated Beginning of Year $41,200 65,000 40,000 10,000 198,000 (20,000) 30,000 150,000 End of Year $35,700 53,062 45,000 10,000 208,000+ (40,000) 35,000 150,000 154,200 ? + Deliverables 1. 2020 Tax Return. a. Form 1120 (6 pages including Schedules CJ, K, L, M-1, and M-2) b. Form 1125-A Cost of Goods Sold Form 1125-E Compensation of Officers d. Form 4562 Depreciation and Amortization C. 2. Enter your 4- digit codes (6789) in Paid Preparer's block (PTIN) on page 1 Form 1120. You should sign and date the return (penalties for tax preparers are stiff). You will be penalized if you do not give the Paid Preparer's PTIN of 6789. 3. Due at the start of class on Tuesday, November 16th. The forms should be submitted on D2l