Sherry Hopson owns a retail family clothing store. Her store is located at 4321 Heather Drive, Henderson, NV 89002. Her employer identification number is 95-1234321 and her Social Security number is 123-45-6789. Sherry keeps her books on an accrual basis. The income and expenses for the year are: Gross sales Returns and allowances $351,700 4,000 Expenses: Beginning inventory (at cost) Add: purchases Cost of goods available for sale Less: ending inventory (at cost) $ 84,300 100,700 185,000 75,000 Cost of goods sold Rent Insurance Legal and accounting fees $110,000 23,800 1,500 2,800 37,200 3,440 1,850 Payroll Payroll taxes Utilities Office supplies 750 Advertising 2,100 Sherry's bookkeeper has provided the book-basis fixed asset roll forward to be used in computing the depreciation. The tax lives of the assets are the same as the book lives shown in the fixed asset schedule. The truck is not considered a passenger automobile for purposes of the luxury automobile limitations. No Section 179 election is made. For tax purposes, Sherry elected out of bonus depreciation in all years except 2018. Required: Complete Sherry's Schedule C and Form 4562 Sherry Hopson owns a retail family clothing store. Her store is located at 4321 Heather Drive, Henderson, NV 89002. Her employer identification number is 95-1234321 and her Social Security number is 123-45-6789. Sherry keeps her books on an accrual basis. The income and expenses for the year are: Gross sales Returns and allowances $351,700 4,000 Expenses: Beginning inventory (at cost) Add: purchases Cost of goods available for sale Less: ending inventory (at cost) $ 84,300 100,700 185,000 75,000 Cost of goods sold Rent Insurance Legal and accounting fees $110,000 23,800 1,500 2,800 37,200 3,440 1,850 Payroll Payroll taxes Utilities Office supplies 750 Advertising 2,100 Sherry's bookkeeper has provided the book-basis fixed asset roll forward to be used in computing the depreciation. The tax lives of the assets are the same as the book lives shown in the fixed asset schedule. The truck is not considered a passenger automobile for purposes of the luxury automobile limitations. No Section 179 election is made. For tax purposes, Sherry elected out of bonus depreciation in all years except 2018. Required: Complete Sherry's Schedule C and Form 4562