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 $140,000. Brendans Social Security number is 399-50-2953. Duncans Social Security number is 260-30-4495.
• 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 and tax purposes, the straight-line method of depreciation is used.
• During 2009, the corporation distributed a cash dividend of $80,000.

Selected portions of Anglers profit and loss statement of 2009 reflect the following debits and credits:

Account			Debit	Credit
Gross sales				$2,140,000
Sales returns and allowances			$30,000
Cost of goods sold			950,000
Dividends received from stock investments in less than 20% owned U.S. corporations				120,000
Interest income
State bonds			$14,000
Certificates of deposit			10,000	24,000
Premiums on term life insurance policies on the lives of Brendan and Duncan; Angler Corporation is the designated beneficiary			12,000
Salaries-officers			280,000
Salaries-clerical and sales			260,000
Taxes (state, local, and payroll)			70,000
Repairs			30,000
Interest expense			12,000
Depreciation			40,000
Fines for dumping toxic waste			8,000
Advertising			7,000
Rental Expense			41,000

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

Assets	January 1, 2009	December 31, 2009
Cash	$480,000	$334,100
Trade notes and accounts receivable	808,200	1,080,600
Inventories	600,000	716,000
Certificates of Deposit	140,000	140,000
State bonds	160,000	160,000
Prepaid Federal tax	---	1,800
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	$2,363,000	$2,565,700

Liabilities and Equity
Accounts payable	$350,000	$275,000
Other current liabilities	57,860	40,000
Mortgages	210,000	200,000
Capital stock	500,000	500,000
Retained earnings	1,245,140	1,550,700
Total liabilities and equity	$2,363,000	$2,565,700

Net income per books (before any income tax accrual) $544,000

Income Tax Expense 158,440

Net Income $385,560

During 2009, Angler Corporation made estimated tax payments of $160,240 to the IRS. Prepare a Form 1120 for Angler Corporation for tax year 2009.