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 $143,816. 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 $122,642 for the year.

During 2022, the corporation distributed a cash dividend of $81,567.

Selected portions of Anglers profit and loss statement of 2022 reflect the following debits and credits:

Account	Debit	Credit
Gross sales		$2,146,498
Sales returns and allowances	$81,567
Cost of goods sold	1,199,892
Dividends received from stock investments in		133,083
less than 20% owned U.S. corporations
Interest income
State bonds		25,758
Certificates of deposit		15,025
Premiums on term life insurance
policies on the lives of Brendan
and Duncan; Angler Corporation
is the designated beneficiary	17,172
Salaries-officers	287,631
Salaries-clerical and sales	231,822
Taxes (state, local, and payroll)	30,051
Repairs	15,025
Interest expense	12,879
Donations to DNC	6,439
Advertising	4,293
Rental Expense	23,611
Depreciation	58,491

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

Assets	December 31, 2021	December 31, 2022
Cash	$480,000	$558,915
Trade notes and accounts receivable	808,200	751,274
Inventories	600,000	590,287
Certificates of Deposit	130,000	130,000
State bonds	170,000	170,000
Prepaid Federal tax	---	537
Buildings and other depreciable assets	240,000	292,453
Accumulated depreciation	(88,800)	(147,291)
Land	20,000	20,000
Other assets	3,600	1,000
Total assets	$2,363,000	$2,367,175

Liabilities and Equity
Accounts payable	$340,000	$193,185
Other current liabilities	57,860	47,223
Mortgages	220,000	156,694
Capital stock	500,000	500,000
Retained earnings	1,245,140	1,470,073
Total liabilities and equity	$2,363,000	$2,367,175

Net income per books (before any income tax accrual)	$351,491
Income Tax Expense	44,991
Net Income	306,500

During 2022, Angler Corporation made estimated tax payments of $44,991 to the IRS. Prepare a Form 1120 for Angler Corporation for tax year 2022. Include Forms 1125-A, 1125-E and Schedule G (Form 1120).