pls use 2016yr FORM 1120. to help me to finish the answer, and if you can show how to calculate

Please complete the F1 120 for the following scenario. 1} 2} 3} 4} 5} *5} 3} Andrew Lowe and Stephen Jackson are the Mo 50% shareholders of Jackson and IoWe, lnc., a furniture manufacturer (Business Code 337F000]. Jackson and Lowlife is located at 1234 UiVEI'Slly Aye, Jacksonville, FL 32202. Its employer identication nUInber is T-3456T39. The following information pertains to the corporate tax return: Narne SEN Shares Title Compensation Stephen Jackson 3315-05-01 74 1,000 President $13,000 Andrew Lowe 201453-21 10 1,000 1iu'ice PrEs. $18,000 All salaries were paid during the current tax year. The company was incorporated on June 1, four years ago. Each of the mo ofcers hold one-half the stock.I which they acquired on that date for a total cash and property contribution of $200,000. No change in the stockholdings has occurred since incorporation. Jackson and Lowe each deyotc 100% of their time to the business. Both officers are US citizens. Jackson and Lowe is not a member of a controlled grouP. Three years ago, Jackson and Lowe acquired a local furniture manufacturer. Goodwill of $12,000 was recorded for the purchase. There has been no impairment in the goodwill since the acquisition. Addresses for the ofcers are: Andrew Lo'We, 436 N.W. 24m Aye, Jacksonville, FL 32201; Stephen Jackson, 1250 RE. 12\"1 Ave, Jacksonville, FL 32203. The corporation paid estimated taxes of $14,000 for the tax year. The corporation paid dividends of $23,212 for the year. The corporation uses MACRS depreciation for tax purposes. rThe current year tax depreciation is $51,910. There Were no acquisitions, dispositions, or other changes to depreciable assets during the current year. The corporation D'WTJS 2% of Plaza Corporation stock, 50 shares of Service Corporation stock.' and some tax-exempt municipal bonds. The corporation acquired the Plain stock on Inne 15t tWo years ago. It was sold on July 15\"11 for $4,500 less than its $71,000 adjusted basis. Prior to the sale, Flaza paid a $1,000 dividend. The 50 shares of Service stock, which were purchased February l\"t of the current year, Were declared worthless during the year. The corporation reeoVered none of its $2,100 adjusted basis. 9'} An analysis of the allowance for doubtful accounts retreals: Balance as oflflxx $ 950 20X): Transactions Provision for Bad Debts LETS Eccoyery of Bad Debts 425 Write-off of Bad Debts {6501 Balance as of IZISUZUXX $2,000 10} IF the corporation is due a refund it should be applied to the next year's estimated tax payments. The following are the corporation's current year income statement and balance sheet for nancial remit-ting pnmoses. Jackson and Lowe Income Statement Sales 666,666 Less: Sales Returns and Allowances 26,242 Net Sales 040,416 Less: Cost of Goods Sold 640,204 Gross Margin 300,212 Operating Expenses Ofcer's Salaries 36,000 Other Salaries 52,000 Rent 36,000 Bari Debris 1,2?6 Em ployment Taxes 14,460 Repairs 6,320 Depreciation 2T,4?6 Charitable Contributions 12,000 Travel 4,000 Meals 6 Entertainment 6,000 Ofce Expenses 16,000 Advertising 1 3,000 Transportation Expense 10,400 General 3: Admin. Expenses 3,000 Employee Benets 6,000 Miscellaneous 1,000 Total Operating Expenses 246 651 Operating Income 63,261 Other Revenues 5: Gains Municipal Bond Interest 15,000 Dividend Revenue 1,000 10,000 Other Losses 5 Expenses Loss on Stud: Sale 4,500 Worthless Stock Loss 2,100 Note Interest 10 000 15 500 Non-Operating Revenue 2,400 Net Income before taxes 55,551 Tax Expense 14,000 NET INCOME 41,551 Jackson and Lowe Balance Sheet Prior Year lli'iultrent Year Assets Cash 50,000 3?,040 Accounts Receivable 25,000 24,000 Allowance [0501 24,050 [2,0001 22,000 Inventories 54,000 104,500 Marketable Securities 1000 0 Investments (Municipal Bonds} 200,000 200 000 Total Current Assets 355,050 354,?40 Buildings 151,500 151,500 Accumulated Depreciation {45,2001 105,400 [T2,5T51 T3,024 Goodwill 12,000 12,000 Total Assets 423,450 455,5?'3 Liabilities and Bhareholder's Equity Accounts Payable 30,050 10,000 Notes Payable 4,000 4,000 Other Current Liabilities 3 500 3 500 Total Cunent Liabilities 4?,550 25,500 Notes Payable 130,000 110,?24 Total Liabilities 1,550 145,324 Capital Stock 200,000 200,000 Retained Earnings 05,000 100 3-40