Patrick and Robert started a new manufacturing business March 1, 2021. The company, PR Manufacturing, is an accrual basis taxpayer with a calendar year-end. Advertising Expense Book Depreciation: Charitable donations Cost of Goods Sold Dividend Income Late fees and fines Interest income Life insurance premiums on Patrick&Robert Loss from disposition of fixed assets Meals Other expenses Payroll Tax expense Political Contributions Rent Repairs and Maintenance Revenue from sales Salaries Expense Season tickets, entertainment expense Short-term capital loss Tax Depreciation: Warranty expenses Purchased the following assets: Equipment . Machinery Computer system Office building $1,490,000 straight line 250,000 26,930,000 128,000 7,900 30,000 34,000 3,000 . Equipment 28,000 240,000 684,000 25,000 92,000 75,000 $40,860,000 8,540,000 55,000 (4,000) maximize 170,000 November 1 March 30 March 4 March 1 Feb 1 $ 380,000 $ 430,000 $ 635,000 $1,550,000 $ 164,000 sold in Dec for loss 1. PR Mfg owns 30% of the outstanding DMC Corporation (DMC) stock. DMC distributed a $128,000 dividend to PR Mfg. 2. Of the $20,000 interest income, $8,000 was from a City of Erie bond, $3,000 was from a Cleveland City bond, $12,000 was from a taxable corporate bond, and the remaining $7,000 was from a money market account. 3. Key man life insurance policies were purchased for Partrick and Robert. PR Mfg is the beneficiary of each policy. 4. This loss is from equipment that PR Mfg purchased in February and sold in December. 5. In the current year, PR Mfg made $55,000 of actual payments on warranties it provided to customers. The remainder is the accrued expense for the current year. 6. PR Mfg made $250,000 of cash contributions to qualified charities during the year. The donations are qualified charitable contributions. 7. Salaries expense is for all employees. Only one employee, Patrick, earned greater than $1,000,000 salary. Patrick's salary is $1,200,000. 8. PR Mfg made four equal Federal estimated tax payments totaling $360,000 REQUIRED: Prepare the December 31,2021 Income Statement for PR Manufacturing in proper format. Prepare a 2021 Form 1120 Corporate Income Tax Return. You do not have information to complete the balance sheet. You will need to complete the Form 4562 for depreciation. The M-1 reconciliation is required to be completed. There are no tax credits. The company paid federal estimated tax payments as noted in #8. Show supporting calculations for the charitable contribution deduction and the dividend received deduction. . .