On November 1, 2008, Janet Morton and Kim Wong formed Pet Kingdom, Inc., to sell pets and pet supplies. Pertinent information regarding Pet Kingdom is summarized as follows:

• Pet Kingdom's business address is 1010 Northwest Parkway, Dallas, TX 75225; its telephone number is (214) 555-2211; and its e-mail address is petkingdom@pki.com.
• The employer identification number is 11-1111112, and the principal business activity code is 453910.
• Janet and Kim each own 50% of the common stock; Janet is president and Kim is vice president of the company. No other class of stock is authorized.
• Both Janet and Kim are full-time employees of Pet Kingdom. Janet's Social Security number is 123-45-6788, and Kim's Social Security number is 123-45-6787.
• Pet Kingdom is an accrual method, calendar year taxpayer. Inventories are determined using FIFO and the lower of cost or market method. Pet Kingdom uses the straight-line method of depreciation for book purposes and accelerated depreciation (MACRS) for tax purposes.
• During 2019, the corporation distributed cash dividends of $250,000. PREPARE SCHEDULE M1 and M3 HELP

Instructions Form 1120, pages 1, 2 and 3 Form 1120, pages 4, 5 and 6 Form 1125-A Schedule G Schedule M-3 Form 1125-E Federal Statements Instructions Note: This problem is for the 2019 tax year. . On November 1, 2008, Janet Morton and Kim Wong formed Pet Kingdom, Inc., to sell pets and pet supplies. Pertinent information regarding Pet Kingdom is summarized as follows: Pet Kingdom's business address is 1010 Northwest Parkway, Dallas, TX 75225; its telephone number is (214) 555-2211; and its e- mail address is petkingdom@pki.com. The employer identification number is 11-1111112, and the principal business activity code is 453910. Janet and Kim each own 50% of the common stock; Janet is president and Kim is vice president of the company. No other class of stock is authorized Both Janet and Kim are full-time employees of Pet Kingdom. Janet's Social Security number is 123-45-6788, and Kim's Social Security number is 123-45-6787. Pet Kingdom is an accrual method, calendar year taxpayer. Inventories are determined using FIFO and the lower of cost or market method. Pet Kingdom uses the straight-line method of depreciation for book purposes and accelerated depreciation (MACRS) for tax purposes. . . During 2019, the corporation distributed cash dividends of $250,000. Pet Kingdom's financial statements for 2019 are shown below. Income Statement Income 55,750,000 (200,000) 55,550,000 (2,300,000) ( $3,250,000 43,750 $15,000 20,000 35,000 $3,328,750 $262,500 262,500 Gross sales Sales returns and allowances Net sales Cost of goods sold Gross profit Dividends received from stock investments in less than 20% owned U.S. corporations Interest income: State bonds Certificates of deposit Total income Expenses Salaries-officers: Janet Morton Kim Worg Salaries--clerical and sales Taxes (state, local, and payroll) Repairs and maintenance Interest expense: Loan to purchase state bonds other business loans Advertising Rental expense Depreciation Charitable contributions Employee benefit programs Premiums on term life insurance policies on lives of Janet Morton and Kim Wong; Pet Kingdom is the designated beneficiary Total expenses Net income before taxes Federal income tax $525,000 725,000 238,000 140,000 $9,000 207,000 216,000 58,000 109,000 106,000 38,000 60,000 40,000 (2,255,000) $1,073,750 (221,734) $852,016 Net income per books * Depreciation for tax purposes is $136,000. You are not provided enough detailed data to complete a Form 4562 Assets Cash Trade notes and accounts receivable Inventories Stock investment State bonds Certificates of deposit Prepaid Federal tax Buildings and other depreciable assets Accumulated depreciation Land Other assets Total assets Balance Sheet January 1, 2019 $1,200,000 2,062,500 2,750,000 1,125,000 375,000 400,000 -0- 5,455,000 (606,000) 812,500 140,000 $13,714,000 December 31, 2019 $1,039,461 2,147,000 3,030,000 1,125,000 375,000 400,000 2,266 5,455,000 (712,000) 812,500 128,500 $13,802,727 Liabilities and Equity January 1, 2019 December 31, 2019 Accounts payable $2,284,000 $1,840,711 $ Other current liabilities 175,000 155,000 Mortgages 4,625,000 4,575,000 Capital stock 2,500,000 2,500,000 Retained earnings 4,130,000 4,732,016 Total liabilities and equity $13,714,000 $13,802,727 Required: During 2019, Pet Kingdom made estimated tax payments of $56,000 each quarter to the TRS. Prepare a Form 1120 for Pet Kingdom for tax year 2019, . If an amount box does not require an entry or the answer is zero, enter "O". Enter all amounts as positive numbers, unless otherwise instructed. If required, round amounts to the nearest dollar. Make realistic assumptions about any missing data. Form 1120, pages 1, 2 and 3 Complete Form 1120, pages 1, 2 and 3 for Pet Kingdom. OMB No. 1545-0123 Form 1120 Department of the Treasury Internal Revenue Service U.S. Corporation Income Tax Return For calendar year 2019 or tax year beginning ----, 2019, ending ,2019, ending - ----,20 Go to www.irs.gov/Form1120 for instructions and the latest information. 2019 B Employer identification number 11-1111112 C Date incorporated A Check it: la Consolidated return (attach Form 851).. b Lifeonlife consolidated return.. 2 Personal holding co. () (attach Sch. PH).... 3 Personal service corp. (see instructions)... TYPE Pet Kingdom, Inc. OR 1010 Northwest Parkway PRINT Dallas, TX 75225 11/01/2008 D Total assets (see instructions) 13,802,727 (3) Name change (1) Address change 5,750,000 4 Schedule M-3 attached XE Check if: (1) Initial return (2) Final return la Gross receipts or sales ... la b Returns and allowances 1b 200,000 C Balance. Subtract line 1b from line la 1c 5,550,000 2 Cost of goods sold (attach Form 1125-A) 2 2,300,000 3 Gross profit. Subtract line 2 from line 1c.... 3 3,250,000 1 N Intl linna . EM Libraries Rellend... Ihr Txa.... 171-419" NU 19701 Isketswana 10+ 321.741 4 RIL d. He . ------------------- aler !a 5 COPII 1. HET - 11 W M .. 04**: ..... :a 1:11 ! BERAT ILTAK re x . ! X YRIT: 1.780792 ......... 169,90 in sische Arzt Unappropinad kebence Carico persa Urt 2. teda) ... 1130, BEWE. ALLE 7 : - - - - 0620 . Eisida . 7 Hux 290, AW LI .. I. . * Lari 1.1.01 4a Worldwide consolidated net income (loss) from income statement source identified in Part I, line 1.... 4a 1,073,750 X 5a ) 5b 6a ( b 6b 7a b Indicate accounting standard used for line 4a (see instructions): (1) GAAP (2) IFRS (3) 0 Statutory (4) Tax-Basis (5) Other (specify) 5a Net income from nonincludible foreign entities (attach statement) b Net loss from nonincludible foreign entities (attach statement and enter as a positive amount) Net income from nonincludible U.S. entities (attach statement) Net loss from nonincludible U.S. entities (attach statement and enter as a positive amount) 7a Net income (loss) of other includible foreign disregarded entities (attach statement) Net income (loss) of other includible U.S. disregarded entities (attach statement) Net income (loss) of other includible entities (attach statement) 8 Adjustment to eliminations of transactions between includible entities and nonincludible entities (attach statement)........ 9 Adjustment to reconcile income statement period to tax year (attach statement) 10 a Intercompany dividend adjustments to reconcile to line 11 (attach statement) b Other statutory accounting adjustments to reconcile to line 11 (attach statement) c Other adjustments to reconcile to amount on line 11 (attach statement) b 7b 7c 8 9 9 10a 10b 10c 11 Net income (loss) per income statement of includible corporations. Combine lines 4 through 10... 11 12 Note: Part I, line 11, must equal Part II, line 30, column (a), or Schedule M-1, line 1 (see instructions). Enter the total amount (not just the corporation's share) of the assets and liabilities of all entities included or removed on the following lines. Total Assets Total Liabilities a Included on Part I, line 4... a , > b Removed on Part I, line 5 c Removed on Part I, line 6 d Included on Part I, line 7 BAA For Paperwork Reduction Act Notice, see the Instructions for Form 1120. Schedule M-3 (Form 1120) 2019 Instructions Form 1120, pages 1, 2 and 3 Form 1120, pages 4, 5 and 6 Form 1125-A Schedule G Schedule M-3 Form 1125-E Federal Statements Instructions Note: This problem is for the 2019 tax year. . On November 1, 2008, Janet Morton and Kim Wong formed Pet Kingdom, Inc., to sell pets and pet supplies. Pertinent information regarding Pet Kingdom is summarized as follows: Pet Kingdom's business address is 1010 Northwest Parkway, Dallas, TX 75225; its telephone number is (214) 555-2211; and its e- mail address is petkingdom@pki.com. The employer identification number is 11-1111112, and the principal business activity code is 453910. Janet and Kim each own 50% of the common stock; Janet is president and Kim is vice president of the company. No other class of stock is authorized Both Janet and Kim are full-time employees of Pet Kingdom. Janet's Social Security number is 123-45-6788, and Kim's Social Security number is 123-45-6787. Pet Kingdom is an accrual method, calendar year taxpayer. Inventories are determined using FIFO and the lower of cost or market method. Pet Kingdom uses the straight-line method of depreciation for book purposes and accelerated depreciation (MACRS) for tax purposes. . . During 2019, the corporation distributed cash dividends of $250,000. Pet Kingdom's financial statements for 2019 are shown below. Income Statement Income 55,750,000 (200,000) 55,550,000 (2,300,000) ( $3,250,000 43,750 $15,000 20,000 35,000 $3,328,750 $262,500 262,500 Gross sales Sales returns and allowances Net sales Cost of goods sold Gross profit Dividends received from stock investments in less than 20% owned U.S. corporations Interest income: State bonds Certificates of deposit Total income Expenses Salaries-officers: Janet Morton Kim Worg Salaries--clerical and sales Taxes (state, local, and payroll) Repairs and maintenance Interest expense: Loan to purchase state bonds other business loans Advertising Rental expense Depreciation Charitable contributions Employee benefit programs Premiums on term life insurance policies on lives of Janet Morton and Kim Wong; Pet Kingdom is the designated beneficiary Total expenses Net income before taxes Federal income tax $525,000 725,000 238,000 140,000 $9,000 207,000 216,000 58,000 109,000 106,000 38,000 60,000 40,000 (2,255,000) $1,073,750 (221,734) $852,016 Net income per books * Depreciation for tax purposes is $136,000. You are not provided enough detailed data to complete a Form 4562