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)

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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: The

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).