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 $160,000. 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 $71,620 for the year.
• During 2019, the corporation distributed a cash dividend of $88,000.

Selected portions of Anglers profit and loss statement of 2019 reflect the following debits and credits:

Account		Debit	Credit
Gross sales			$2,537,800
Sales returns and allowances		$93,670
Cost of goods sold		1,007,900
Dividends received from stock investments in less than 20% owned U.S. corporations			120,500
Interest income
State bonds		$18,300
Certificates of deposit		15,000	33,300
Premiums on term life insurance policies on the lives of Brendan and Duncan; Angler Corporation is the designated beneficiary		17,200
Salaries-officers		320,000
Salaries-clerical and sales		261,000
Taxes (state, local, and payroll)		39,140
Repairs		19,450
Interest expense		16,030
Fines for dumping toxic waste		8,210
Advertising		6,480
Rental Expense		27,930
Depreciation		47,000

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

Assets	December 31, 2018	December 31, 2019
Cash	$480,000	$541,288
Trade notes and accounts receivable	808,200	1,060,600
Inventories	600,000	736,000
Certificates of Deposit	130,000	130,000
State bonds	170,000	170,000
Prepaid Federal tax	---	3,400
Buildings and other depreciable assets	240,000	278,000
Accumulated depreciation	(88,800)	(135,800)
Land	20,000	20,000
Other assets	3,600	1,000
Total assets	$2,363,000	$2,804,488

Liabilities and Equity
Accounts payable	$340,000	$159,000
Other current liabilities	57,860	67,000
Mortgages	220,000	251,000
Capital stock	500,000	500,000
Retained earnings	1,245,140	1,827,488
Total liabilities and equity	$2,363,000	$2,804,488

Net income per books (before any income tax accrual) $827,590

Income Tax Expense 157,242

Net Income $670,348

During 2019, Angler Corporation made estimated tax payments of $160,642 to the IRS. Prepare a Form 1120 for Angler Corporation for tax year 2019. Include Forms 1125-A, 1125-E and Schedule G (Form 1120).