On May 1, 1989 , Brendan McLeod and Duncan Ryan formed Angler Corporation to sell fishing tackle Pertinent information regarding Angler is summarized as follows The business address is 3027 Woodland Ridge Blvd , Baton Rouge , Louisiana 70816 The employer identification number is 75 3392543 the principal business activity code is 451110 Brendan and Duncan each own one half of the outstanding common stock no other class of stock is authorized Brendan is president of the company, and Duncan is secretary treasurer Both are full time employees of the corporation, and each receives a salary of $ 123,718 Brendans Social Security number is 145 26 2 59 3 Duncans Social Security number is 2 87 4 3 4 94 5 The corporation uses the accrual method of accounting and reports on a calendar basis Inventories are determined by using the lower of cost or market method For book purposes, the straight line method of depreciation is used MACRS depreciation was $ 71,964 for the year During 20 21 , the corporation distributed a cash dividend of $ 70,168 Selected portions of Anglers profit and loss statement of 20 21 reflect the following debits and credits Account Debit Credit Gross sales $1,846,532 Sales returns and allowances $70,168 Cost of goods sold 1,032,211 Dividends received from stock investments in 114,485 less than 20 owned U S corporations Interest income State bonds 22,158 Certificates of deposit 12,926 Premiums on term life insurance 14,772 policies on the lives of Brendan and Duncan Angler Corporation is the designated beneficiary Salaries officers 247,435 Salaries clerical and sales 199,425 Taxes (state, local, and payroll) 25,851 Repairs 12,926 Interest expense 11,079 Donations to DNC 5,540 Advertising 3,693 Rental Expense 20,312 Depreciation 50,317 A comparative balance sheet for Angler Corporation reveals the following information Assets December 31, 20 2 0 December 31, 20 21 Cash $480,000 $684,074 Trade notes and accounts receivable 808,200 646,286 Inventories 600,000 507,796 Certificates of Deposit 130,000 130,000 State bonds 170,000 170,000 Prepaid Federal tax 462 Buildings and other depreciable assets 240,000 251,584 Accumulated depreciation (88,800) (139,117) Land 20,000 20,000 Other assets 3,600 1,000 Total assets $2,363,000 $2,272,085 Liabilities and Equity Accounts payable $340,000 $166,188 Other current liabilities 57,860 40,624 Mortgages 220,000 134,797 Capital stock 500,000 500,000 Retained earnings 1,245,140 1,430,476 Total liabilities and equity $2,363,000 $2,272,085 Net income per books (before any income tax accrual) $302,372 Income Tax Expense 46,868 Net Income 255,504 During 20 21 , Angler Corporation made estimated tax payments of $ 46,868 to the IRS Prepare a Form 1120 for Angler Corporation for tax year 20 21 Include Forms 1125 A, 1125 E and Schedule G (Form 1120)

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On May 1, 1989 , Brendan McLeod and Duncan Ryan formed Angler Corporation to sell fishing tackle. Pertinent information regarding Angler is summarized as follows:

On May 1, 1989, Brendan McLeod and Duncan Ryan formed Angler Corporation to sell fishing tackle. Pertinent information regarding Angler is summarized as follows:

The business address is 3027 Woodland Ridge Blvd., Baton Rouge, Louisiana 70816.

The employer identification number is 75-3392543; the principal business activity code is 451110.

Brendan and Duncan each own one-half of the outstanding common stock; no other class of stock is authorized. Brendan is president of the company, and Duncan is secretary-treasurer. Both are full-time employees of the corporation, and each receives a salary of $123,718. Brendans Social Security number is 145-26-2593. Duncans Social Security number is 287-43-4945.

The corporation uses the accrual method of accounting and reports on a calendar basis. Inventories are determined by using the lower of cost or market method. For book purposes, the straight-line method of depreciation is used.

MACRS depreciation was $71,964 for the year.

During 2021, the corporation distributed a cash dividend of $70,168.

Selected portions of Anglers profit and loss statement of 2021 reflect the following debits and credits:

Account	Debit	Credit
Gross sales		$1,846,532
Sales returns and allowances	$70,168
Cost of goods sold	1,032,211
Dividends received from stock investments in		114,485
less than 20% owned U.S. corporations
Interest income
State bonds		22,158
Certificates of deposit		12,926
Premiums on term life insurance	14,772
policies on the lives of Brendan
and Duncan; Angler Corporation
is the designated beneficiary
Salaries-officers	247,435
Salaries-clerical and sales	199,425
Taxes (state, local, and payroll)	25,851
Repairs	12,926
Interest expense	11,079
Donations to DNC	5,540
Advertising	3,693
Rental Expense	20,312
Depreciation	50,317

A comparative balance sheet for Angler Corporation reveals the following information:

Assets	December 31, 2020	December 31, 2021
Cash	$480,000	$684,074
Trade notes and accounts receivable	808,200	646,286
Inventories	600,000	507,796
Certificates of Deposit	130,000	130,000
State bonds	170,000	170,000
Prepaid Federal tax	---	462
Buildings and other depreciable assets	240,000	251,584
Accumulated depreciation	(88,800)	(139,117)
Land	20,000	20,000
Other assets	3,600	1,000

Total assets	$2,363,000	$2,272,085

Liabilities and Equity
Accounts payable	$340,000	$166,188
Other current liabilities	57,860	40,624
Mortgages	220,000	134,797
Capital stock	500,000	500,000
Retained earnings	1,245,140	1,430,476

Total liabilities and equity	$2,363,000	$2,272,085

Net income per books (before any income tax accrual) $302,372

Income Tax Expense 46,868

Net Income 255,504

During 2021, Angler Corporation made estimated tax payments of $ 46,868 to the IRS. Prepare a Form 1120 for Angler Corporation for tax year 2021. Include Forms 1125-A, 1125-E and Schedule G (Form 1120).