Please prepare the 2019 tax return for ABC Corporation. Use the information below to assist with the preparation.I have included the Form 1120 pages 1 thru 6. Please submit a completed page 1 & page 6 of the Form 1120. You must also submit the Book to TAX template that is included in this workbook. I have calculated the tax depreciation for you (Depr_Amort Adj tab) but you are responsible for posting the difference between the financial statement depreciation and the tax depreciation in the Book to tax worksheet attached.
*	ABC Corporation is a manufacturing company producing particle board. You must complete page 1, including the tax on Line 31. Although page 3, Schedule J is used to calculate the tax, you can just multipy the taxable income that you calculate on Line 28 which will be the same amount on line 30 times 21%. There were no estimated payments made so what you calulate is the Amount Owed. On page 6, you must complete the Schedule L, Balance Sheet p/Books, Schedule M1 and Schedule M2
*	Trial Balances for 2019 & 2018 are provided. Although not normally the case, the TB has subtotals in bold print.
*	Comparative Income Statement for 2019 & 2018
*	Comparative Balance Sheet for 2019 & 2018
*	Highlighted areas (yellow) in the TB should be looked at closely.
*	Use the supporting supplemental schedules attached (BK to Tax Tab) for other deductions and taxes to include with your tax return submission.
	Additional information is provided by ABC Company Management
1	Information that the Penalty that is expensed (Acct 885500) was assessed by the IRS for a prior year adjustment made. Hint: not allowed as a deduction on tax return
2	There was an actual write-off of a Bad debt due to a customer filing bankruptcy. The accrual was reduced by the actual write-off. (See ACCT 125300)
3	Management has set up an accrual for estimated environmental clean-up expenses. The expense is in account 880200 and the accrual account is 208950.
4	All fixed assets and related depreciation are from assets placed in service in 2018 (2 yr in service) except for the $500,000 addition to machinery (Acct 170400) in 2019. The tax depreciation has been calculated for you in the Depr_Amort Adj Tab. You must reflect tha tax depreciation on the tax return and show the adjustment in the BK to Tax worksheet.
5	In December 2019, executive management concluded that one of the companies operating facilities would be closed as a result of new efficiencies in another building. A reserve for plant shutdown in the amount of $300,000 was established in ACCT 208250. There were no payments made in 2019.
6	The company paid a cash dividend to its shareholders, which is reflected in the ACCT 290700. Both the dividend payment and the financial statement net income should be reflected on Schedule M2
7	The other deductions schedule should be used to show all expenses that are not allocated to another line on the Form 1120. The supplemental schedule for other deductions should include all expense accounts for which there is not a specific line item on Form 1120, page 1.
8	Remember that federal income tax is not deductable and that meals & entertainment is subject to only a 50% deduction
9	There were no estimated taxes paid.

This is all data i put it. I need as soon as possible.

Problem information ABC Company TB BS IS BK to Tax Depr_Amort Adi 450.000 5.500.00 500.000 100 Cash Clearing ABC 25300 Badet AR 150 Forint 8050 ty center 11100 100 Land 176406 Marinery font 170780 Almond Trucks 7050 Como 86400 Acer Macht And Trucks 800 con Depnum One.com 150000 000 50.000 2.750.000 19:1500 Lagu TOALAT 20010 AP Trade USD Vendor 200700 204300 000.000 200250 Acredat Shutdown 2 ore 2000 Acredere 22000 Lone TOTAL LIABILITIES 20300 Carmen Stock 2000 2000 word TOTAL EQUITY Totals & Equity including comedy SGT UND 31000 INTERIOUS 1.000 10.000 400100 Color 494400CGS 480 CGS- Other Com To 515100 Compensation of tom 79000 Sample Mar Credit & Collection Seniom 3000 700900 Rain. Manane 000 15000 . 800400 Depreciation Equipment Dereito 0000 Depreciation for Depreciation.com 25/150 Amortation - TM Peter To Be Deprem 0100 Other companies Partner 100 100 Property Vese 000 Spen T0 0 NET INCON 1 ABC Company BALANCE SHEET AS OF 31-Dec-2019 2019 2018 Current Assets Cash and Cash Equivalents Accounts Receivable - Gross Reserve for Bad Debts Accounts Receivable - Net Inventories - Finished Good/ WIP Inventories - Reserve Inventories - Net Prepaid other current assets Other Current Assets Property Plant and Equipment - Gross Acc. Depreciation Property Plant and Equipment - Net Land Intangible Assets Accumulated Amortization Other Longterm Assets Total Non-Current Assets TOTAL ASSETS 32,000 2,802.500 (450.000) 2.352.500 5.500.000 (500.000) 5.000.000 35.000 35.000 5.550 000 (905,000) 4,645,000 1,390,000 26,000 3.964.000 (480.000) 3.484.000 5.000.000 (800.000) 4.200.000 30.000 30.000 5.050,000 (507,500) 4,542,500 1.390.000 3,750,000 3,750,000 17,204,500 3,750,000 3,750,000 17,422,500 (1,700,000) (1.300.000) (1.460.000) (1.460.000) (3.160.000) (1.023.800) (1.023 800) (2.323.800) Current Liabilities Trade Accounts Payable Accrued Wages Other Accruals Other Current Liabilities Total Current Liabilities Long-Term Liabilities Pension Liabilities Other Long-Term Liabilities Other Debt and Obligation under Capital Term Loan, Less Current Portion 2nd Lien Promissory Note Accrued PIK Interest on 2nd Lien Note Vendor Note Inter-Company Accounts Deferred Income Taxes Total Long Term Liabilities (1.603.300) 0 0 0 0 0 (3.310,000) 0 0 0 0 0 0 (1.603,300 (3,310,000) (8,000,000) 0 (8,000,000) 0 Stockholders Equity Common Stock Equity Deferred Translation - Gain (Loss) Other Comprehensive Income Retained Earnings Current Year Net Income Dividend/Distribution Retained Earnings - Current Total Stockholders Equity Total Liabilities and Stockholder Equity (3.788,700) (1.652,500) 1,000,000 (2.538,700) (1.250.000) (12.441.200) (17,204,500) (11.788,700) (17.422,500) ABC Company Income Statement 31-Dec-2019 2019 2018 Gross Sales Returns & Allowances Total Net Sales 30,000,000 1,800,000 28,200,000 28,830,500 2,000,000 26,830,500 Inventory Labor Other Costs 10,000,000 4,500,000 500,000 9,500,000 4,170,000 0 Total Cost of Goods Sold Gross Profit Labor & Benefits -non CGS Selling Costs General & Administrative Costs Bad Debt Expense Depreciation/Amortization Expense Misc Exp/(Inc) & taxes other than Inc tax 15,000,000 13,200,000 4,875,000 1,659,000 2,490,000 0 397,500 1,726,000 13,670,000 13,160,500 4,200,000 2,335,000 3,840,000 0 347,500 948,000 Operating Profit Before Taxes Income Tax Provision Net Income Before Extraordinary Net Income 2,052,500 400,000 1,652,500 1,490,000 240,000 1,250,000 1,652,500 1,250,000 Fan Recias to CGS Purchase Employee CowBette 2 TS Dicon 18 12 Competion officers 13 w Wa 14 Hopars & Mariance 15 11 Chorus 22 Advertising Marketing 25 notes OD 2 Table Income before HOLS & 30 Oficer gente ProFees PareShow Total Other De Support Parol Sales & Une Tax Experte Line 17 Tous le MC Form 120 Ad on 11201 MILE Nu wema wasom. Com 1 5 5 Bad Date 15 5 5 Anoni 5 RRRR Total Lines AM Deduction on return to books Fonable AG - entory Reserve TABLE 1 MACRS Half-Year Convention Depreciation Rate for Recovery Period Year 3-year 5-year 7-year 10-year 1 33.33 20.00 14.29 10.00 2. 44.45 32.00 24.49 18.00 3 14.81 19.20 17.49 14.40 4 7.41 11.52 12.49 11.52 5 11.52 8.93 9.22 6 5.78 8.92 7.37 7 8.93 6.55 8 4.46 6.55 9 6.56 6.55 11 3.28 12 13 14 15 16 17 18 19 15-year 5.00 9.50 8.55 7.70 6.93 6.23 5.90 5.90 5.91 5.90 5.91 5.90 5.91 5.90 5.91 2.95 10 20-year 3.750 7.219 6.677 6.177 5.713 5.285 4.888 4.522 4.462 4.461 4.462 4.461 4.462 4.461 4.462 4.461 4.462 4.461 4.462 4.461 2.231 20 21 Problem information ABC Company TB BS IS BK to Tax Depr_Amort Adi 450.000 5.500.00 500.000 100 Cash Clearing ABC 25300 Badet AR 150 Forint 8050 ty center 11100 100 Land 176406 Marinery font 170780 Almond Trucks 7050 Como 86400 Acer Macht And Trucks 800 con Depnum One.com 150000 000 50.000 2.750.000 19:1500 Lagu TOALAT 20010 AP Trade USD Vendor 200700 204300 000.000 200250 Acredat Shutdown 2 ore 2000 Acredere 22000 Lone TOTAL LIABILITIES 20300 Carmen Stock 2000 2000 word TOTAL EQUITY Totals & Equity including comedy SGT UND 31000 INTERIOUS 1.000 10.000 400100 Color 494400CGS 480 CGS- Other Com To 515100 Compensation of tom 79000 Sample Mar Credit & Collection Seniom 3000 700900 Rain. Manane 000 15000 . 800400 Depreciation Equipment Dereito 0000 Depreciation for Depreciation.com 25/150 Amortation - TM Peter To Be Deprem 0100 Other companies Partner 100 100 Property Vese 000 Spen T0 0 NET INCON 1 ABC Company BALANCE SHEET AS OF 31-Dec-2019 2019 2018 Current Assets Cash and Cash Equivalents Accounts Receivable - Gross Reserve for Bad Debts Accounts Receivable - Net Inventories - Finished Good/ WIP Inventories - Reserve Inventories - Net Prepaid other current assets Other Current Assets Property Plant and Equipment - Gross Acc. Depreciation Property Plant and Equipment - Net Land Intangible Assets Accumulated Amortization Other Longterm Assets Total Non-Current Assets TOTAL ASSETS 32,000 2,802.500 (450.000) 2.352.500 5.500.000 (500.000) 5.000.000 35.000 35.000 5.550 000 (905,000) 4,645,000 1,390,000 26,000 3.964.000 (480.000) 3.484.000 5.000.000 (800.000) 4.200.000 30.000 30.000 5.050,000 (507,500) 4,542,500 1.390.000 3,750,000 3,750,000 17,204,500 3,750,000 3,750,000 17,422,500 (1,700,000) (1.300.000) (1.460.000) (1.460.000) (3.160.000) (1.023.800) (1.023 800) (2.323.800) Current Liabilities Trade Accounts Payable Accrued Wages Other Accruals Other Current Liabilities Total Current Liabilities Long-Term Liabilities Pension Liabilities Other Long-Term Liabilities Other Debt and Obligation under Capital Term Loan, Less Current Portion 2nd Lien Promissory Note Accrued PIK Interest on 2nd Lien Note Vendor Note Inter-Company Accounts Deferred Income Taxes Total Long Term Liabilities (1.603.300) 0 0 0 0 0 (3.310,000) 0 0 0 0 0 0 (1.603,300 (3,310,000) (8,000,000) 0 (8,000,000) 0 Stockholders Equity Common Stock Equity Deferred Translation - Gain (Loss) Other Comprehensive Income Retained Earnings Current Year Net Income Dividend/Distribution Retained Earnings - Current Total Stockholders Equity Total Liabilities and Stockholder Equity (3.788,700) (1.652,500) 1,000,000 (2.538,700) (1.250.000) (12.441.200) (17,204,500) (11.788,700) (17.422,500) ABC Company Income Statement 31-Dec-2019 2019 2018 Gross Sales Returns & Allowances Total Net Sales 30,000,000 1,800,000 28,200,000 28,830,500 2,000,000 26,830,500 Inventory Labor Other Costs 10,000,000 4,500,000 500,000 9,500,000 4,170,000 0 Total Cost of Goods Sold Gross Profit Labor & Benefits -non CGS Selling Costs General & Administrative Costs Bad Debt Expense Depreciation/Amortization Expense Misc Exp/(Inc) & taxes other than Inc tax 15,000,000 13,200,000 4,875,000 1,659,000 2,490,000 0 397,500 1,726,000 13,670,000 13,160,500 4,200,000 2,335,000 3,840,000 0 347,500 948,000 Operating Profit Before Taxes Income Tax Provision Net Income Before Extraordinary Net Income 2,052,500 400,000 1,652,500 1,490,000 240,000 1,250,000 1,652,500 1,250,000 Fan Recias to CGS Purchase Employee CowBette 2 TS Dicon 18 12 Competion officers 13 w Wa 14 Hopars & Mariance 15 11 Chorus 22 Advertising Marketing 25 notes OD 2 Table Income before HOLS & 30 Oficer gente ProFees PareShow Total Other De Support Parol Sales & Une Tax Experte Line 17 Tous le MC Form 120 Ad on 11201 MILE Nu wema wasom. Com 1 5 5 Bad Date 15 5 5 Anoni 5 RRRR Total Lines AM Deduction on return to books Fonable AG - entory Reserve TABLE 1 MACRS Half-Year Convention Depreciation Rate for Recovery Period Year 3-year 5-year 7-year 10-year 1 33.33 20.00 14.29 10.00 2. 44.45 32.00 24.49 18.00 3 14.81 19.20 17.49 14.40 4 7.41 11.52 12.49 11.52 5 11.52 8.93 9.22 6 5.78 8.92 7.37 7 8.93 6.55 8 4.46 6.55 9 6.56 6.55 11 3.28 12 13 14 15 16 17 18 19 15-year 5.00 9.50 8.55 7.70 6.93 6.23 5.90 5.90 5.91 5.90 5.91 5.90 5.91 5.90 5.91 2.95 10 20-year 3.750 7.219 6.677 6.177 5.713 5.285 4.888 4.522 4.462 4.461 4.462 4.461 4.462 4.461 4.462 4.461 4.462 4.461 4.462 4.461 2.231 20 21