Task: In order to successfully complete this assignment you must: Complete Celebrity Catering Service Inc.'s (CCS) Form 1120 and all related schedules. Be sure to attach schedules for any line item, which indicates one is required on the 1120. This includes line items that may require you to create a schedule that identifies the various items that are included in a line on the return these usually indicate \"attach schedule.\" Other lines will indicate specifically which schedule must be included with the return. The returns must be in.pdf format. The student can use either: o Forms schedules and instructions found at www.irs.gov o Tax preparation software may be used to prepare your assignment, but submission must still be in .pdf format. order to complete the return. This should be submitted along with your return in a separate document. Required: Complete Celebrity Catering Service Inc.'s {CCS) Federal Form 1120 and all related schedules for the tax period indicated in the financial statements provided. Be sure to attach schedules for any line item, which indicates one is required on the 1120. [f any information is missing, use reasonable assumptions to fill in the gaps and list those assumptions as an attachment. * Also list on the attachment any tax positions that you tock in the completion of the return, such as depreciation method, elections, etc. + The forms schedules and instructions can be found at www.irs.gov and download the necessary forms. \fIncome e B bl i i U 5 . [ Sales 53,022,480 Sales returns and allowances -13,000 T Met sales 3,009,480 Cost of goods sold 1,124,500 Gross profit 1,884,980 Met gain/loss on sale of investments and %11,000 equipment Dividend income 28,000 Interest income 6,700 Total income 41,930,680 Expenses Salaries and wages 1,425,000 Bad Debt 35,000 Meals 9,000 Entertainment 2,000 Repairs and Maintenance 15,450 State Income Tax 22,500 Payrall Taxes 127,000 Charitable Contribution 15,000 Equipment Rent 37,000 Warehouse Rent 60,000 Interest 2,500 Advertising 2,500 Professional Services 21,000 Depreciation 14,350 Employee benefits Programs 37,000 Other Miscellaneous Expenses 24,700 Total expenses 1,854,000 Met income before taxes 476,680 Federal income taxes (14,171) Met income after taxes 562,509 \f1/1/22 12/31/22 726,150 5767550 | Trade and accounts receivables 535,000 300000 | Allowance for Doubtful Accounts Inventories -52,500 -60,500 U.5. government bonds State & Local bonds 120,000 Investment In Stock 237,000 Prepaid Federal Income Taxes Property, plant and equipment 0 Accumulated depreciation Other assets 312,800 371,800 | \"81,450 \"89.800 37,500 37,500 Total Assets Liabilities and Owners' Equity Accounts payable $2,000,000 $1,914,550 516,028 512,636 Income Taxes Payable Deferred Tax Liability 1,438 50| Other current liabilities Other Liabilities Capital stock 67,464 78275 | 15,000 14000 20,000 17,000 Retained earnings Total Liohilities and Owners' Equity 400,000 400,000 | 1,480,070 1,392,579 i Commercial Quen for $35,000. [4] O Movember 12, 2027 CCS purchazed two industrial Hobart miers for 89,000 each and 3 Wolf Convection Double Stack 151 On December 5, 2022 they sold two old mixers which had book accumulated depreciation of $3.000 each, they had been fully depreciated for tax purposss. The old mixers had been purchased at 57,000 each and were sold for 83,000 sach