Please complete only on 1040 Form Thanks

Individual Income Tax Project 2 (15 points) Facts: Davison Co. is in its first year of operations as a hardware and software retailer (with occasional entity): Business" Income: consulting jobs), Davidson reports the following 2017 results (without respect to the type cof $645,000 $30,000 $4,000 ($5,000) Sales (net of returns and allowance) Gross Consulting Fees Collected Dividend income (5% investment in Surreal Software Co.) Loss on Sale of Surreal Stock ($28,000-$33,000, held 9 months) "Business" Expenses and Costs: Cost of Goods Sold Salaries of five employees other than owner Dave Davidson ($50,000 each) Payroll taxes paid on employees 1(250,000 x 0.0765)+ (35,000 x 0.060)1 Health Insurance contributions for employees ( 10% of salaries) Interest Expense- Business Loans MACRS depreciation on various company assets Utlities, insurance, supplies, deliveries, and miscellaneous expenses Contribution to public charities Compensation of owners of "Business" Reasonable salary compensation to Dave Davidson Other cash payment to owner Health Insurance coverage for Dave Davidson Retirement plan contribution for owner (10% of "reasonable salary") (142,200) (250,000) (21,225) (25,000) (30,746) (10,154) (54,185) (13,300) (75,000) (50,000) (3,000) (7,500) Dave and Ellen Davidson (both age 43) file a joint federal income tax return in 2017. They do not have any dependents. In addition to any above, Ellen received a salary of $71,300 from ED Industries. Dave and Ellen also received $1,400 personal interest on a joint account, $1,200 personal dividends from jointly held from the business describes