Need help with what to enter in a 1120 2018 tax return for interest, miscellaneous, salaries & wages, and taxes,

Wildcat Corporation Income Statement for Year Ending December 31, 2018 S 7,244,988 Sales revenues Less: Sales allowances & returns Net revenues Less: Cost of goods sold Less: Operating expenses S 7,105,630 892 S 3,244,738 Gross margin Advertising Bad debts $ 133,942 16,692 6,241 135,663 54,622 50,539 41,655 555,030 50,677 1,389,060 156,776 129.115 Charitable contributions Depreciation Insuranced Interest Miscellaneous Rent Repairs & maintenance Salaries & wages Taxes Utilities Net operating income Dividend'& interest income Income tax payments (2.720,012) S 524,726 3,908 Net income S 458,634 Wildcat Corporation Balance Sheet for December 31, 2018 Cash S 245,352 Accounts receivable (net of $7,999 allowance for doubtful accounts)228.829 1,012,470 168,754 1,316,987 Inventory Depreciable property (net of S135,663 accumulated depreciation) Other assets Total assets Accounts payable Other current liabilities S 461,190 Note payable Total liabilities 2,361 S 1,504,855 $ 1,030,000 S 1,476,234 $2,981089 Common stock Retained earnings Total equities Total liabilities& equities See the notes for the income statement and balance sheet on the next page. k Notes for income statement and balance sheet: Wildcat computes bad debt expense as a percentage of its sales, which is not the proper treatment fo income tax purposes. Hint: See p. 34 of Chapter C:3. r federal The contributions were all in cash. Book depreciation is determined using the straight-line method, a zero estimated residual value, and a full year of depreciation for the year of acquisition. Wildcat purchases and places into service the assets on January 1, 2018: Estimated useful life 8 years 12 years MACRS Original cost S 350,627 S 1,102,023 7 years 5 years Class life 12 years 9 years Wildcat does not use Sec. 179 or bonus depreciation. See Chapter 1:10 for details regarding MACRS depreciation. See the current E&P exercise we did in class for an example of E&P depreciation. d This is comprised of $6,048 for life insurance on Wildeat's president (with Wildeat as the beneficiary) and S48,574 for casualty and liability insurance. The life insurance does not have a cash surrender value. eThe interest expense is on a loan whose proceeds Wildcat used to purchase depreciable assets. This is comprised of $9,952 of meals expenses, $21,381 of organizational expenditures, and $10,322 of fully-deductible other expenses. Wildcat wants to deduct for 2018 the maximum amount allowed for these expenses. $278,656 of this is compensation of Wildcat's officers This is comprised of payroll and property taxes. "Wildcat received $1,046 of div dends from domestic corporationsin which it owns less than 1% ofthe stock Wildcat owned the stock for more than 45 days before the stock became ex-dividend with respect to the dividends Wildcat received $2,325 of interest on investments in corporate bonds and $537 of interest on inves in municipal bonds. This is comprised of four quarterly estimated tax payments of $17,500 each. Wildcat debited its Current Federal Income Tax Expense account and credited its Cash account when it made the payments. Assume Wildcat is not subject to any state, local, or foreign income taxes. 'This is comprised of $78,126 of corporate bonds, 523,762 of municipal bonds, and $66,866 of stocks $92,916 of the note payable is a current liability, and $948,388 is a long-term liability The retained earnings are unappropriated. Wildcat paid $12400 of cash dividends to its shareholders during the year Wildcat Corporation Income Statement for Year Ending December 31, 2018 S 7,244,988 Sales revenues Less: Sales allowances & returns Net revenues Less: Cost of goods sold Less: Operating expenses S 7,105,630 892 S 3,244,738 Gross margin Advertising Bad debts $ 133,942 16,692 6,241 135,663 54,622 50,539 41,655 555,030 50,677 1,389,060 156,776 129.115 Charitable contributions Depreciation Insuranced Interest Miscellaneous Rent Repairs & maintenance Salaries & wages Taxes Utilities Net operating income Dividend'& interest income Income tax payments (2.720,012) S 524,726 3,908 Net income S 458,634 Wildcat Corporation Balance Sheet for December 31, 2018 Cash S 245,352 Accounts receivable (net of $7,999 allowance for doubtful accounts)228.829 1,012,470 168,754 1,316,987 Inventory Depreciable property (net of S135,663 accumulated depreciation) Other assets Total assets Accounts payable Other current liabilities S 461,190 Note payable Total liabilities 2,361 S 1,504,855 $ 1,030,000 S 1,476,234 $2,981089 Common stock Retained earnings Total equities Total liabilities& equities See the notes for the income statement and balance sheet on the next page. k Notes for income statement and balance sheet: Wildcat computes bad debt expense as a percentage of its sales, which is not the proper treatment fo income tax purposes. Hint: See p. 34 of Chapter C:3. r federal The contributions were all in cash. Book depreciation is determined using the straight-line method, a zero estimated residual value, and a full year of depreciation for the year of acquisition. Wildcat purchases and places into service the assets on January 1, 2018: Estimated useful life 8 years 12 years MACRS Original cost S 350,627 S 1,102,023 7 years 5 years Class life 12 years 9 years Wildcat does not use Sec. 179 or bonus depreciation. See Chapter 1:10 for details regarding MACRS depreciation. See the current E&P exercise we did in class for an example of E&P depreciation. d This is comprised of $6,048 for life insurance on Wildeat's president (with Wildeat as the beneficiary) and S48,574 for casualty and liability insurance. The life insurance does not have a cash surrender value. eThe interest expense is on a loan whose proceeds Wildcat used to purchase depreciable assets. This is comprised of $9,952 of meals expenses, $21,381 of organizational expenditures, and $10,322 of fully-deductible other expenses. Wildcat wants to deduct for 2018 the maximum amount allowed for these expenses. $278,656 of this is compensation of Wildcat's officers This is comprised of payroll and property taxes. "Wildcat received $1,046 of div dends from domestic corporationsin which it owns less than 1% ofthe stock Wildcat owned the stock for more than 45 days before the stock became ex-dividend with respect to the dividends Wildcat received $2,325 of interest on investments in corporate bonds and $537 of interest on inves in municipal bonds. This is comprised of four quarterly estimated tax payments of $17,500 each. Wildcat debited its Current Federal Income Tax Expense account and credited its Cash account when it made the payments. Assume Wildcat is not subject to any state, local, or foreign income taxes. 'This is comprised of $78,126 of corporate bonds, 523,762 of municipal bonds, and $66,866 of stocks $92,916 of the note payable is a current liability, and $948,388 is a long-term liability The retained earnings are unappropriated. Wildcat paid $12400 of cash dividends to its shareholders during the year