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

Pet Kingdom's financial statements for 2022 are shown below.

Required:

During 2022, Pet Kingdom made estimated tax payments of $56,000 each quarter to the IRS. Prepare Pet Kingdom's corporate tax return for tax year 2022 using Form 1120 (and any other appropriate forms and schedules).

• If an amount box does not require an entry or the answer is zero, enter "0".
• Enter all amounts as positive numbers, unless otherwise instructed.
• If required, round amounts to the nearest dollar.
• Make realistic assumptions about any missing data.

(FILL OUT FORM 1120)

d Other (attach statement - see instructions) \begin{tabular}{|l|l|} \hline 20c & \\ \hline 20d & \\ \hline \end{tabular} 21 Total credits. Add lines 20a through 20d 22 Reserved for future use. 23 Total payments and credits. Add lines 19 and 21 . Enter here and on page 1 , line 33 Income Statement Income 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 Wong 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* $5,750,000(200,000)$5,550,000(2,300,000)$3,250,000 43,750 \begin{tabular}{rr} $15,000 & \\ 20,000 & 35,000 \\ \hline & $3,328,750 \end{tabular} $262,500 262,500 $525,000 725,000 238,000 140,000 $9,000 207,000216,000 58,000 109,000 106,000 d Other (attach statement - see instructions) \begin{tabular}{|l|l|} \hline 20c & \\ \hline 20d & \\ \hline \end{tabular} 21 Total credits. Add lines 20a through 20d 22 Reserved for future use. 23 Total payments and credits. Add lines 19 and 21 . Enter here and on page 1 , line 33 Income Statement Income 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 Wong 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* $5,750,000(200,000)$5,550,000(2,300,000)$3,250,000 43,750 \begin{tabular}{rr} $15,000 & \\ 20,000 & 35,000 \\ \hline & $3,328,750 \end{tabular} $262,500 262,500 $525,000 725,000 238,000 140,000 $9,000 207,000216,000 58,000 109,000 106,000