please complete form 1120 for olive corporation

1. Olive Corporation was formed and began operations on January 1, 2018. The corporation's income statement for the year and the balance sheet at year- end are presented below. $ 270,000 20,000 $ 290,000 (110,000) $ 180,000 The Olio Corporation Income Statement for the car Ended December 31, 2018 Gross income from operations Qualified dividends received from a 35 percent- owned domestic corporation Total gross income Cost of goods sold Total income Other expenses: Compensation of officers $77,000 Salaries and wages 30,000 Bad debts (direct charge-offs) 9,000 Repairs 3,000 Depreciation for book and tax purposes 10,000 Advertising 2,000 Payroll taxes 16,000 Total other expenses Net income (before federal income tax expense) The Olive Corporation Balance Sheet As of December 31, 2018 Assets: Cash $ 30,000 Accounts receivable 20,000 Inventory (at cost) 70,000 Equipment 90,000 Less: accumulated depreciation (10,000 Total assets Liabilities and owners' cquity: Accounts payable $6,200 Note payable (duc in 10 years) 85,000 Common stock 80,000 Retained camings 28,800 Total liabilities and owners' equity (147,000) $ 33.000 $200,000 $200,000) The corporation made estimated tax payments of $5,000 and the corporation's book federal income tax expense is equal to the federal tax liability. Complete Form 1120 for Olive Corporation. 1. Olive Corporation was formed and began operations on January 1, 2018. The corporation's income statement for the year and the balance sheet at year- end are presented below. $ 270,000 20,000 $ 290,000 (110,000) $ 180,000 The Olio Corporation Income Statement for the car Ended December 31, 2018 Gross income from operations Qualified dividends received from a 35 percent- owned domestic corporation Total gross income Cost of goods sold Total income Other expenses: Compensation of officers $77,000 Salaries and wages 30,000 Bad debts (direct charge-offs) 9,000 Repairs 3,000 Depreciation for book and tax purposes 10,000 Advertising 2,000 Payroll taxes 16,000 Total other expenses Net income (before federal income tax expense) The Olive Corporation Balance Sheet As of December 31, 2018 Assets: Cash $ 30,000 Accounts receivable 20,000 Inventory (at cost) 70,000 Equipment 90,000 Less: accumulated depreciation (10,000 Total assets Liabilities and owners' cquity: Accounts payable $6,200 Note payable (duc in 10 years) 85,000 Common stock 80,000 Retained camings 28,800 Total liabilities and owners' equity (147,000) $ 33.000 $200,000 $200,000) The corporation made estimated tax payments of $5,000 and the corporation's book federal income tax expense is equal to the federal tax liability. Complete Form 1120 for Olive Corporation