please walk me through how to complete this

ACCT 441 - Advanced Tax sold. The corporation is exempt from the uniform capitalization (UNICAP) rules because average gross income for the previous three years was less than $10 million. The following C Corporation Tax Return information should also be included on the applicable form: Instructions: Line 9 (a) Check (ii) You MUST watch the C Corp Tax Return Intro Video. This has very important information for (b).(c), & (d) Not applicable completing the tax return!! (e) & (f) No Below is the information for the C Corp tax return. You may use ATX Tax Software or ProConnect software to complete the return. You must turn in (by uploading to the D2L assignment) a pdf copy and the electronic file (electronic file from the tax software) to this assignment. (Instructions for creating these are at the end of this document.) Compensation of Officers: Software: Dificer Social Security % Time Devoted % of Stock Amount of # to Business Owned Compensation You may use: https://taxna.wolterskluwer.com/getting-started/download-atx, OR Diana Banner 123-45-6789 100 50 $ 300,000 Peter Bruce 987-65-4321 100 25 200,000 https://taxeducation.intuit.com/app/protax/sign-in. Wayne Prince 123-98-4567 100 25 100,000 Bad Debts: Information for return: Banner, Inc. (a C corporation) is located at 90 Fifth Avenue, New York City, NY. The corporation For tax purposes, the corporation uses the direct write-off method of deducting bad debts. For uses the calendar year and accrual basis for both book and tax purposes. It is engaged in the sale book purposes, the corporation uses an allowance for doubtful accounts. During 2020, the of self-protection gear. Its employer identification number (EIN) is 12-1234568. The company was corporation charged $85,000 to the allowance account, such amount representing actual write- incorporated on January 1, 1941 and began business on April 1, 1941. offs for 2020. Banner, Inc. made the following estimated tax payments for 2020: April 15, 2020 $100,500 Additional information for Schedule K: June 15, 2020 100 500 1b Accrual 8 Do not check box September 15, 2020 100,000 2a 451140 9 Fill in the correct amount December 15, 2020 100.000 b Retail Sales 10 Total $500.000 Self-Protection Gear 11 Do not check box 3 No 12 Taxable income in 2019 was $2.5 million and the 2019 tax was $450,000. The corporation Not applicable earned its 2020 taxable income evenly throughout the year. Therefore, it does not use the da No 13-14 No Yes, omit Schedule G 15a No annualization or seasonal methods. 5a No b Do not check box b No 16-19 No 6-7 No Inventory and Cost of Goods Sold: The corporation uses the periodic inventory method and prices its inventory using the lower of FIFO cost or market. Only beginning inventory, ending inventory, and purchases should be reflected on the appropriate form. No other costs or expenses are alocated to cost of goodsCapital Gains and Losses: The balance sheet is follows: The corporation sold 100 shares of Shield Corp. common stock on October 7, 2020 for January 1, 2020 December 31, 2020 $230,000. The corporation acquired the stock on December 15, 2019 for $120,000. The Account Debit Credit Debit Credit corporation also sold 75 shares of Metro Corp common stock on June 17, 2020 for $57,000. The corporation acquired this stock on September 18, 2014 for $70,000. The corporation has Cash $ 3,000,000 $ $ 2,716,538 a $20,000 capital loss carryover from 2019. These transactions were not reported to the Accounts Receivable 350,000 1000 corporation on Form 1099-B. Allowance for doubtful accounts 17,500 4.500 Inventory 2,125,000 2,978,000 Investment in corporate stock 250,000 60,000 Fixed Assets and Depreciation: Investment in municpal bonds 70,000 70,000 Book: The corporation uses straight-line deprecation over the useful lives of the assets as Cash surrender value of insurance 75,000 75,000 follows: store building, 50 years; equipment, ten years; and trucks, five years. The corporation polic Land 400,000 1.700,000 takes a half-year's depreciation in the year of acquisition and the year of disposition and Buildings 1,000,000 1,000,000 assumes no salvage value. The book financial statements reflect these calculations. Accumulated Depreciation - Buildings 70,000 30,000 Tax: All assets are MACRS property as follows: store building, 39-year non-residential real Equipment 700,000 300,000 property; equipment, seven-year property; and trucks, five-year property. The corporation Accumulated Depreciation - 245,000 205,000 acquired the store building for $1 million and placed it in services on January 2, 2016. The Equipment corporation acquired two pieces of equipment for $300,000 (Equipment 1) and $400,000 Trucks 100,000 100,000 (Equipment 2) and placed them in service on January 2, 2016. The corporation acquired the Accumulated Depreciation - Trucks 50,000 70,000 trucks for $100,000 and placed them in service on July 18, 2017. The trucks are not listed Accounts payable 250,000 270,000 property and are no subject to the limitation on luxury automobiles. The corporation did not Notes payable (short-term) 700,000 800,000 make the expensing election under Sec. 179 or take bonus depreciation on any property Accrued payroll taxes 3,000 4,000 acquired before 2019. Accrued state income taxes 2,000 7,000 Accrued federal income taxes 98,000 50,000 Accumulated depreciation through December 31, 2019 on the properties is as follows: Bonds payable (long-term) 1,500,000 ,500,000 Building 101,530 Net deferred tax liability 84,500 227,038 Equipment 1 206,280 Capital stock - common 3,350,000 3,350,000 Equipment 2 275,040 Retained earnings -unappropriated 1,700,000 3,347,000 Trucks 71,200 Total $ 8,070,000 $ 8,070,000 $ 10,024,538 $ 10,024,538 On February 2, 2020 the corporation sold Equipment 1 for $200,000. The corporation had no Sec. 1231 losses from prior years. In a separate transaction on February 7, 2020 the corporation acquired and placed in service a piece of equipment costing $ 500,000. Assume these transactions do not qualify as like-kind exchange. The new equipment is seven-year property. The corporation made the Sec. 179 expensing election for the entire cost of the property. Use published IRS depreciation tables to compute the 2020 depreciation.The GAAP income statement for 2020 is as follows: Required: Sales $8,500,000 1) Prepare the 2020 corporate tax return for Banner, Inc. along with any necessary supporting Returns 300.000 schedules, forms, etc. Prepare both the Schedule M-3 and M-1 but you may omit Schedule B and Form 8916-A Net sales $8 200.000 Beginning inventory $2.125,000 2) You must upload both a pdf copy and the tax software's electronic copy to D2L. If you use Purchases ,0D0,000 ProConnect, you will give the TA access to your software instead of uploading an electronic Ending Inventory 2,978,000) copy (still must upload a pdf). Please see instructions below for creating pdf and electronic Cost of goods sold $4.147,000 copies. Gross profit $4.053,000 Expenses Depreciation $120,000 To Create Electronic and PDF files of tax returns: Repairs 25,000 For ATX electronic file: Insurance 36 000 Net premium-Officers' life insurance 13.000 To create the electronic file, have the retum open. Go to Returns in the upper left-hand comer of the Officers' compensation 100.000 screen. Then select Export Return. Please include your, and your partner's name (if applicable), in the Other salaries 375.000 name of the file. Choose the location where you want to save it. Upload this file to the C Corporation Tax Return assignment on MyCourses. Utilities 58.000 Advertising 47 000 For ATX pdf files Legal and accounting fees 63,000 While in the retum, go to the upper left side of the screen and select Returns, then Print Charitable contributions 20.000 Returns. Select the forms/schedules you want to print. Then on the upper left side of the box, select Payroll taxes 42,000 Print to PDF, then Print. Choose the location where you want to save it. Upload this file to C Interest Expense 83.000 Corporation Tax Return assignment on MyCourses. Bad debt expense 72,000 For ProConnect electronic file: Total expenses ($1,585,000) Gain on Sale of equipment You will need to give the TA access to the return through the website. In the comments section of the Interest on municipal bonds 22,000 assignment submission, please note that you used intuit Proconnect. To give the TA access to the Net gain on stock sales 97,000 return, have the return open. In the bottom left-hand corner of the screen, go to the Settings Icon. Select Manage & Invite Users. In the upper right-hand comer of the screen, click on the Add Dividend income 40,000 User button. Add the TA (cacci441 @business.siu.edu) as a user to the retum with full access. Net income before income taxes $2.717,000 Federal income tax expense $600,000) For ProConnect pdf file: State income tax expense ($70,000) While in the retum, go to the File Retum tab. Select Create PDF. Do not select options to add a Net income $2 047,000 watermark. Download PDF and save it. Upload this file to the C Corporation Tax Relum assignment on MyCourses. Other Information: If ProConnect wants you to pay something to print to PDF, you will need call to ProConnect or use the chat feature and tell them you are a student using the software through your book. It only takes The corporation received dividends from taxable, domestic corporations, the stock of which a few minutes to fix. Banner owns less than 20%. The corporation paid $400,000 in cash dividends to its shareholders during the year and charged the payment directly to retained earnings. . The state income tax provided is the exact amount of such taxes incurred during the year