On November 1, 2011, 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

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 2022, the corporation distributed cash dividends of $250,000.

On February 12, 2008, Nancy Trout and Delores Lake formed Kingfisher Corporation to sell fishing tackle. Pertinent information regarding Kingfisher is summarized as follows:

Kingfisher's business address is 1717 Main Street, Ely, MN 55731; its telephone number is (218) 555-2211; and its e-mail address is.

The employer identification number is 11-1111113, and the principal business activity code is 451110.

Nancy owns 50% of the common stock and is president of the company, and Delores owns 50% of the common stock and is vice president of the company. No other class of stock is authorized.

Both Nancy and Delores are full-time employees of Kingfisher. Nancy's Social Security number is 123-45-6788, and Delores's Social Security number is 123-45-6787.

Kingfisher is an accrual method, calendar year taxpayer. Inventories are determined using FIFO and the lower of cost or market method. Kingfisher uses the straight-line method of deprecation for book purposes and accelerated depreciation (MACRS) for tax purposes.

During 2022, the corporation distributed cash dividends of $80,000.

Kingfisher's financial statements for 2022 are shown below.

Income Statement Income Gross sales 5,750,000 Sales returns and allowances (200,000) Met sales $ 5,550,000 Cost of goods sold (2,300,000 Gross profit $ 3,250,000 Dividends received from stock imvestments in less-than-20%- owned US. corporations 43,750 Interest income: State bonds & 15,000 Certificates of deposit 20,000 35,000 Total income $3,328,750 Expenses Salariesofficers: Janet Morton $242.500 Kim Wong 262,500 $525,000 Salariesclerical and sales 725,000 Tanes (state, local, and payroll) 138,000 Repairs and maintenance 140,000 Interest expense: Loan to purchase state bonds 5 9.000 Other business loans 207,000 216,000 Advertising 58,000 Fental expense 109,000 Depreciation 106,000 Charitable contributions (cash) 38,000 Employee benefit programs 60,000 Premiums on term life insurance policies on lives of Janet Morton and Kim Wong; Pet Kingdom is the designated beneficiary 40,000 Total expenses (2,255,000) Met income before taxes 1,073,750 Federal income tax (221,734) Met income per books $ 852016 *Depreciation for tax purposes is $136,000. You are not provided enough detailed data to complete a Form 4562 (depreciation), If you solve this problem using Intuit ProConnect, enter the amount of depreciation on line 20 of Form 1120. Balance Sheet Assets January 1, 2022 December 31, 2022 Cash $ 1,200,000 $ 1,039,461 Trade notes and accounts receivable 2,062,500 2,147,000 Inventories 2,750,000 3,030,000 Stock investment 1,125,000 1,125,000 State bonds 375,000 375,000 Certificates of deposit 400,000 400,000 Prepaid Federal tax 0- 2,266 Buildings and other depreciable assets 5.455,000 5,455,000 Accumulated depreciation (606,000) (712,000) Land 812.500 812,500 Other assets 140,000 128,500 Total assets $13.714,000 $13.802,727 Liabilities and Equity January 1, 2022 December 31, 2022 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 $13.802,727Income Gross sales 52,408,000 Sales returns and allowances 180,000) Met sales $2,328,000 Cost of goods sold {920.000) Gross profit 51,408,000 Dividends received from stock imvestments in less-than-20%-owned U.S, corporations 12.000 Interest income: State bonds 14,000 Certificates of deposit 10,000 24,000 Total income $1.444.000 Expenses Salariesofficers: Nancy Trout $160,000 Delores Lake 160,000 $320,000 Salariescherical and sales Taxes (state, local, and payrall) 85,000 Repairs and maintenance Interest expense: Business loans $ 12,000 Loan to purchase state bonds 8,000 Advertising Rental expensa Depreciation Charitable contributions (cash) Employee benefit programs Premiums on term life insurance policies on lives of Nancy Trout and Delores Lake; Kingfisher is the designated beneficiary Total expenses {940.0040) Net income before taxes 504,000 Federal income tax (106.,680) Met income per books $_397.320 % : gEeget : *You are not provided enough detailed information to complete a Form 4562 (depreciation). If you solve this problem using Intuit ProConnect, enter the amount of deprecation on line 20 of Form 1120. Balance Sheet Assets January 1, 2022 December 31, 2022 Cash $ 380,000 $ 337,300 Trade notes and accounts receivable 308,400 480,280 Inventories 900,000 1,012,000 State bonds 160,000 160,000 Federal income tax refund -0- 1,320 Certificates of deposit 140,000 140,000 Stock investments 300,000 300,000 Building 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 $2.363,200 $2,564,100 Liabilities and Equity January 1, 2022 December 31, 2022 Accounts payable $ 300,000 $ 233,880 Other current liabilities 80,300 40,000 Mortgages 210,000 200,000 Capital stock 500,000 500,000 Retained earnings 1,272,900 1,590,220 Total liabilities and equity $2.363,200 $2,564,100 During 2022, Kingfisher made estimated tax payments of $27,000 each quarter to the IRS. Prepare Kingfisher's corporate tax return for tax year 2022 using Form 1120 (and any other appropriate forms and schedules). Suggested software: ProConnect Tax