[The following information applies to the questions displayed below) XYZ a calendar year corporation that began business on January 1, 2021 For the year. It reported the following information in its current year audited income statement Notes with Important tax Information are provided below Use Exhibit 260 XYZ corporation Income statement current j Revenue froe sales Cost of Goods Sold Gross profit other income: come from investment in corporate stock rest income tal gains (losses) Book Income (27.000,008) 3.13,000,000 300,000 20,000 (4,000) or loss from disposition of fixed assets cellaneous inco Grass Income Compensation stock option compensation Advertising Repairs and Maintenance Rent sad Debt expense Depreciation warranty expenses charitable donation Meals (all at restaurants) Goodwill impairment organizational expenditures other expenses Total expenses Incone before taxes Provision for income taxes Net Income after taxes Expenses: $13,345,000 07,500,000) (3,250,000) (43,000) (1.400,000) 70,000 (S $11,700,000) (400,000)13 1,579,000 1 XYZ owns 30% of the outstanding Hobble Corporation (HC) stoc ble Corporation reported $1,000,000 of income for the year XYZ accounted for its investment in HC under the equity method, and it recorded its pro rata shane of HC's earnings for the year HC also distributed a $200,000 dividend to XYZ For tax purposes, HC reports the actual dividend received as income, not the pro rata share of HC's earings 2. Of the $20,000 interest income, $5,000 was from a Cry of Seattle bond, $7,000 was from a Tacoma City bond, $6.000 wes from a fully table corporate bond and the remaining $2,000 was from a money market account 3. This gain is from equipment that XYZ purchased in February and sold in December does not qualify as $1231 gas 4. This includes total officer compensation of $2,500,000 ono one officer received more than $1,000,000 compensation) 5. This amount is the portion of incentive stock option compensation that was expensed during the year (recipients are officers 6 XYZ actually wrote off $27,000 of ms accounts receivable as uncollectible 7. Tax depreciation was $1,900.000 8 in the current year, XYZ did not make any actual payments on warrantes it provided to customers 9 XYZ made $500,000 of cash contributions to qualified charties during the year. The donations are qualified chartable contributions for purposes of determining the chantabu contribution imitation 10 On July 1 of this year XYZ acquired the assets of anomer business in the process, acquired $300,000 of goodwit At the end of the year XYZ wrote off $30,000 of the goodwill as impaired 11 XYZ expensed all of as organizational expenditures for book purposes XYZ expensed the maximum amount of organizational expenditures allowed for tax purposes 12. The other expenses do not contain any items with book-tax offerences 13 This is an estimated tax provision federal tax expenses for the year. Assume that XYZ not subject to state income taxes Estimated tax information XYZ made four equal estimated tax payments totaling $360,000 ($90.000 per quanter For purposes of estimated tax labones, assume XYZ was in extence in 2020 and inat in 2020 reported a tax Babery of $500,000. During 2021, XYZ determined its taxable income at the end of each of the four quarters as follows Quarter-and First Second Third Income Class 1,100,000 Finally, assume that XYZ s not a large corporation for purposes of estimated tax calculations (Do not round intermediate calculations. Round your answers to the nearest doller