Question Clarification: Prepare a Form 1120 for Kingfisher for tax year 2012. Suggested software: H&R BLOCK At Home. Dear tutor, this is my assignment attachment. Please have a look. I am in a hurry because I need to hand over this tomorrow morning. Please prepare a Form 1120 in a word document. I then will have to pdf that and submit it.

During 2012, Pet Kingdom made estimated tax payments of $107,000 each quarter to the IRS. Prepare a Form 1120 for Pet Kingdom for tax year 2012. Suggested software: H&R BLOCK At Home. 2. On February 12, 2002, Nancy Trout and Delores Lake formed Kingfisher Corporation to sell fishing tackle. Pertinent information regarding Kingfisher is summarized as follows: Kingfisher's business address is 1717 Main Street, Ely, MN 55731; its telephone number is (218) 555-2211; and its e-mail address is kingfisher@kf.com. The employer identification number is 11-1111111, and the principal business activity code is 451110. Nancy owns 50% of the common stock and is president of the company, and Delores owns 50% of the common stock and is vice president of the company. No other class of stock is authorized. Both Nancy and Delores are full-time employees of Kingfisher. Nancy's Social Security number is 123-45-6789, and Delores's Social Security number is 987-65-4321. Kingfisher is an accrual method, calendar year taxpayer. Inventories are determined using FIFO and the lower of cost or market method. Kingfisher uses the straight-line method of deprecation for book purposes and accelerated depreciation (MACRS) for tax purposes. During 2012, the corporation distributed cash dividends of $64,000. Kingfisher's financial statements for 2012 are shown below. Income Statement Income Gross sales $1,884,000 Sales returns and allowances (64,000) Net sales $1,820,000 Cost of goods sold (736,000) Income Gross profit $1,084,000 Dividends received from stock investments in less-than-20%-owned U.S. corporations 9,000 Interest income State bonds $2,500 Certificates of deposit 4,000 6,500 Total income $1,099,500 Expenses Salariesofficers Nancy Trout $150,000 Delores Lake 150,000 Salariesclerical and sales $300,000 232,000 Taxes (state, local, and payroll) 68,000 Repairs and maintenance 45,000 Interest expense: Business loans Loan to purchase state bonds Advertising Rental expense $10,000 1,800 11,800 5,000 38,000 Depreciation* 32,000 Charitable contributions 12,000 Employee benefit programs 19,000 Premiums on term life insurance policies on lives of Nancy Trout and Delores Lake; Kingfisher is the designated beneficiary 12,800 Legal and accounting services 16,000 Total expenses (791,600) Net income before taxes $ 307,900 Federal income tax (105,593) Net income per books $ 202,307 * You are not provided enough detailed information to complete a Form 4562 (depreciation). If you solve this problem using H&R BLOCK At Home, enter the amount of deprecation on line 20 of Form 1120. Balance Sheet Assets January 1, 2012 December 31, 2012 Cash $384,000 $287,780 Trade notes and accounts receivable 547,000 668,000 Inventories 480,000 569,600 State bonds 60,000 60,000 Federal income tax refund -0- 2,407 Certificates of deposit 80,000 80,000 Stock investments 100,000 100,000 Building and other depreciable assets 192,000 192,000 Accumulated depreciation (71,040) (103,040) Land 116,000 116,000 Other assets 2,880 1,600 Total assets $1,890,840 $1,974,347 Liabilities and Equity January 1, 2012 December 31, 2012 Accounts payable $240,000 $220,440 Other current liabilities 64,240 32,000 Mortgages 168,000 165,000 Capital stock 400,000 400,000 Retained earnings 1,018,600 1,156,907 Total liabilities and equity $1,890,840 $1,974,347 During 2012, Kingfisher made estimated tax payments of $27,000 each quarter to the IRS. Prepare a Form 1120 for Kingfisher for tax year 2012. Suggested software: H&R BLOCK At Home