The Olive Corporation Income Statement For the Year Ended December 31st, 2020 Gross income from operations $ 260,000 Qualified dividends received from a 10% owned domestic corporation 20,000 Total gross income $ 280,000 Cost of goods sold (105,000) Total income $ 175,000 Other expenses: Compensation of officers $ 75,000 Salaries and wages 30,000 Bad debts (direct charge-offs) 7,000 Repairs 3,000 Depreciation 10,000 Advertising 5,000 Payroll taxes 10,000 Total other expenses (140,000) Net income (before federal income tax expense) $ 35,000_ The Olive Corporation Balance Sheet as of December 31st, 2020 Assets: Cash $ 30,000 Accounts receivable 20,000 Inventory (at cost) 80,000 Equipment 90,000 Less: accumulated depreciation (10,000) Total assets $ 210,000 Liabilities and owners equity: Accounts payable $ 15,250 Note payable (due in 10 years) 85,000 Common stock 80,000 Retained earnings 29,750 Total liabilities and owners equity $ 210,000 The corporation made an estimated tax payment of $5,500 on 12/15/20, and the corporations federal income tax expense is equal to the federal tax liability. Complete a form 1120 for the Olive Corporation. Assume that the Olive Corporation is an S corporation, owned 50% by Linda Holiday, and 50% by Ralph Winston. The corporation is not subject to any special taxes. Using the relevant information and assuming the corporations retained earnings are $35,000, instead of $29,750 accounts payable are $10,000, instead of $15,250, and no estimated tax payments are made, complete a form 1120S for the Olive Corporation and Schedule K-1s for Linda and Ralph. Also assume that there were no cash distributions during the year. All tax returns are timely filed. The other information for the Olive Corporation is as follows: Business Address: 200 Granada Boulevard, Coral Gables, Fla 33134 Business Entity: Corporation Tax Year: Calendar Year 01/01/20 to 12/31/20 Business Activity: A furniture store Business EIN: 59-1234567 Date of Incorporation: 01/01/2020 State of Incorporation: Florida Stockholders: Linda Holiday (50%) and Ralph Winston (50%) ownership. Compensation of Officers: Linda ($37,500) and Ralph ($37,500) No Subcontractors in 2020 Linda Holiday: SS#111-22-3333 500 Valencia Avenue Coral Gables, Fla 33134 Ralph Winston: SS#222-33-4444 700 Andalusia Street Coral Gables, Fla 33134 Date an estimated tax payment was made: 12/15/2020 Date these tax returns were filed: 03/01/2021 Date these tax returns were signed: 03/05/2021 Returns were signed by: Linda Holiday Complete the returns for 1120 and 1120S corporation using the same data given above. Assume any missing data, and the equipment was acquired on 01/01/2020 at a cost of $ 90,000, and depreciation expense was $10,000 for 2020. It is not required to submit form 4562 for this tax project 2. Schedules K-1s of 1120S form for both Linda and Ralph are required to be submitted with the tax return-form 1120S for tax year 2020.

IRS Form 1120 must be completed with this information. Any help is greatly appreciated!! Thanks