Scroll down to complete all parts of this task. Use the information for Retainall Corp. in the exhibits to determine the appropriate amount for each of the designated areas of the Form 1120, U.S. Corporation Income Tax Return. Enter all amounts as positive values. For each item, enter the appropriate amount in the associated cell. If no entry is necessary or the answer is zero, enter a zero (0). Condensed Income Statement Retainall Corp. Condensed Income Statement for the Year Ended December 31, 2022 Before Federal Income Tax Sales Cost of sales Gross profit Operating expenses Operating income Other income (loss): Interest Dividends Net long-term capital loss Income before federal income tax Additional Information Interest arose from the following sources: U.S. Treasury notes Municipal arbitrage bonds Other municipal bonds Total interest $1,000,000(550,000)$450,000(250,000)$200,000 $8,000 33,180 (6,400) 34,780$234,780 $4,0001,0003,000$8,000 Please let me know if there is anything more that you would like me to do to assist you with this task. Thank you, Helen Retainall CFO To: perry.accounting@retainall.com From: helen.cfo@retainall.com Subject: Operating Expenses Hi Perry, Operating expenses for the year include the following: 1. Retainall pledged $5,000 to charity for 2022 and paid the $5,000 in February. 2. Estimate of $15,000 for bad debts. Actual bad debts for the year amounted to $10,000. 3. Key employee life insurance premiums of $4,000. Retainall is the beneficiary of the policies. 4. State income taxes of $12,000. 5. During 2022, Retainall estimated federal income tax payments of $30,000. These payments were debited to prepaid tax expense on Retainall's books. 6. Retainall declared and paid dividends of $10,000 during 2022. 7. Retainall was not subject to the alternative minimum tax in 2022 . 8. Retainall paid its employees (nonofficers) $100,000 during the year. Thank you, Helen Retainall CFO