On February 12, 2007, Nancy Trout and Delores Lake formed Kingfisher Corporation to sell fishing tackle. Pertinent information regarding Kingfisher is summarized as follows:

• Kingfisher's business address is 1717 Main Street, Ely, MN 55731; its telephone number is (218) 555-2211; and its e-mail address is kingfisher@kf.com.
• The employer identification number is 11-1111113, and the principal business activity code is 451110.
• Nancy owns 50% of the common stock and is president of the company, and Delores owns 50% of the common stock and is vice president of the company. No other class of stock is authorized.
• Both Nancy and Delores are full-time employees of Kingfisher. Nancy's Social Security number is 123-45-6788, and Delores's Social Security number is 123-45-6787.
• Kingfisher is an accrual method, calendar year taxpayer. Inventories are determined using FIFO and the lower of cost or market method. Kingfisher uses the straight-line method of deprecation for book purposes and accelerated depreciation (MACRS) for tax purposes.
• During 2021, the corporation distributed cash dividends of $80,000.

Kingfisher's financial statements for 2021 are shown below.

Income Statement
Income
Gross sales		$2,408,000
Sales returns and allowances		(80,000)
Net sales		$2,328,000
Cost of goods sold		(920,000)
Gross profit		$1,408,000
Dividends received from stock
investments in less-than-20%- owned U.S. corporations		12,000
Interest income:
State bonds	$14,000
Certificates of deposit	10,000				24,000
Total income		$1,444,000
Expenses
Salariesofficers:
Nancy Trout	$160,000
Delores Lake	160,000		$320,000
Salariesclerical and sales		290,000
Taxes (state, local, and payroll)		85,000
Repairs and maintenance		56,000
Interest expense:
Business loans	$12,000
Loan to purchase state bonds	8,000		20,000
Advertising		6,000
Rental expense		68,000
Depreciation*		40,000
Charitable contributions (cash)		15,000
Employee benefit programs		24,000
Premiums on term life insurance
policies on lives of Nancy Trout and Delores Lake; Kingfisher is the designated beneficiary		16,000
Total expenses		(940,000)
Net income before taxes		$504,000
Federal income tax		(106,680)
Net income per books		$397,320
* You are not provided enough detailed information to complete a Form 4562 (depreciation). If you solve the problem using Intuit ProConnnect, enter the amount of depreciation on line 20 of Form 1120.

Balance Sheet
Assets	January 1, 2021		December 31, 2021
Cash		$380,000				$337,300
Trade notes and accounts receivable		308,400				480,280
Inventories		900,000				1,012,000
State bonds		160,000				160,000
Federal income tax refund		-0-				1,320
Certificates of deposit		140,000				140,000
Stock investments		300,000				300,000
Buildings and other depreciable assets		240,000				240,000
Accumulated depreciation		(88,800)				(128,800)
Land		20,000				20,000
Other assets		3,600				2,000
Total assets		$2,363,200				$2,564,100
Liabilities and Equity	January 1, 2021		December 31, 2021
Accounts payable		$300,000				$233,880
Other current liabilities		80,300				40,000
Mortgages		210,000				200,000
Capital stock		500,000				500,000
Retained earnings		1,272,900				1,590,220
Total liabilities and equity		$2,363,200				$2,564,100

Required:

During 2021, Kingfisher made estimated tax payments of $27,000 each quarter to the IRS. Prepare Kingfisher's corporate tax return for tax year 2021 using Form 1120 (and any other appropriate forms and schedules).

• If an amount box does not require an entry or the answer is zero, enter "0".
• Enter all amounts as positive numbers, unless otherwise instructed.
• If required, round amounts to the nearest dollar.
• Make realistic assumptions about any missing data.

28 Taxable income before net operating loss deduction and special deductions. Subtract line 27 from line 11 29a Net operating loss deduction (see instructions) b Special deductions (Schedule C, line 24) \begin{tabular}{|l|l|} \hline 29a & \\ \hline 29b & 24,000 \\ \hline \end{tabular} c Add lines 29a and 29b 30 Taxable income. Subtract line 29c from line 28. See instructions. 31 Total tax (Schedule J, Part I, line 11) 32 Reserved for future use 33 Total payments, credits (Schedule J, Part III, line 23) 34 Estimated tax penalty. See instructions. Check if Form 2220 is attached 35 Amount owed. If line 33 is smaller than the total of lines 31, 32, and 34, enter amount owed . . . . 36 Overpayment. If line 33 is larger than the total of lines 31,32 , and 34 , enter amount overpaid . . . . 37 Enter amount from line 36 you want: Credited to 2022 estimated tax Refunded \begin{tabular}{|l|r} \hline 28 & \\ \hline & 514,000 \\ & \\ \hline \end{tabular} f Interest/tax due under section 453A(c) and/or section 453(I) g Other (see instructions - attach statement) 10 Total. Add lines 9a through 9g 11 Total tax. Add lines 7, 8, and 10. Enter here and on page 1, line 31 Part II - Reserved for Future Use 12 Reserved for future use 12 Part III - Payments and Refundable Credits 132020 overpayment credited to 2021 142021 estimated tax payments 152021 refund applied for on Form 4466 16 Combine lines 13, 14, and 15 17 Tax deposited with Form 7004 18 Withholding (see instructions) 19 Total payments. Add lines 16, 17, and 18 20 Refundable credits from: a Form 2439 20a 21 Total credits. Add lines 20a through 20d 22 Reserved for future use 23 Total payments and credits. Add lines 19 and 21. Enter here and on page 1, line 33. \begin{tabular}{|c|c|} \hline 21 & \\ \hline 22 & \\ \hline 23 & \\ \hline \end{tabular} Form 1120 (2021) 1 Check if the corporation is a member of a controlled group (attach Schedule O (Form 1120)). See instructions 2 Income tax. See instructions 3 Base erosion minimum tax amount (attach Form 8991) 4 Add lines 2 and 3 5a Foreign tax credit (attach Form 1118) b Credit from Form 8834 (see instructions) C General business credit (attach Form 3800) d Credit for prior year minimum tax (attach Form 8827) e Bond credits from Form 8912 28 Taxable income before net operating loss deduction and special deductions. Subtract line 27 from line 11 29a Net operating loss deduction (see instructions) b Special deductions (Schedule C, line 24) \begin{tabular}{|l|l|} \hline 29a & \\ \hline 29b & 24,000 \\ \hline \end{tabular} c Add lines 29a and 29b 30 Taxable income. Subtract line 29c from line 28. See instructions. 31 Total tax (Schedule J, Part I, line 11) 32 Reserved for future use 33 Total payments, credits (Schedule J, Part III, line 23) 34 Estimated tax penalty. See instructions. Check if Form 2220 is attached 35 Amount owed. If line 33 is smaller than the total of lines 31, 32, and 34, enter amount owed . . . . 36 Overpayment. If line 33 is larger than the total of lines 31,32 , and 34 , enter amount overpaid . . . . 37 Enter amount from line 36 you want: Credited to 2022 estimated tax Refunded \begin{tabular}{|l|r} \hline 28 & \\ \hline & 514,000 \\ & \\ \hline \end{tabular} f Interest/tax due under section 453A(c) and/or section 453(I) g Other (see instructions - attach statement) 10 Total. Add lines 9a through 9g 11 Total tax. Add lines 7, 8, and 10. Enter here and on page 1, line 31 Part II - Reserved for Future Use 12 Reserved for future use 12 Part III - Payments and Refundable Credits 132020 overpayment credited to 2021 142021 estimated tax payments 152021 refund applied for on Form 4466 16 Combine lines 13, 14, and 15 17 Tax deposited with Form 7004 18 Withholding (see instructions) 19 Total payments. Add lines 16, 17, and 18 20 Refundable credits from: a Form 2439 20a 21 Total credits. Add lines 20a through 20d 22 Reserved for future use 23 Total payments and credits. Add lines 19 and 21. Enter here and on page 1, line 33. \begin{tabular}{|c|c|} \hline 21 & \\ \hline 22 & \\ \hline 23 & \\ \hline \end{tabular} Form 1120 (2021) 1 Check if the corporation is a member of a controlled group (attach Schedule O (Form 1120)). See instructions 2 Income tax. See instructions 3 Base erosion minimum tax amount (attach Form 8991) 4 Add lines 2 and 3 5a Foreign tax credit (attach Form 1118) b Credit from Form 8834 (see instructions) C General business credit (attach Form 3800) d Credit for prior year minimum tax (attach Form 8827) e Bond credits from Form 8912