Use the information below to complete the abbreviated Form 1120 at the bottom.

8. Form 1120 abbreviated tax return. WCorp. is a calendar-year accrual-basis C corporation that commenced operations on January 1, Year 1. The following adjusted accounts appear on W records for the year ended December 31, Year 6. Kern is not subject to the uniform capitalization rules. Revenues and Gains Gross Sales $8,000,000 Dividends: 2096-owned domestic corporation 10,000 Interest: U.S. Treasury bonds 26,000 Municipal bonds 25,000 Insurance proceeds 40,000 State franchise tax refund 14 000 Total $8,115,000 Costs and Eggnses Cost of Goods Sold 5,350,000 Salaries and wages 1,470,000 Depreciation: Real property I\" 50,000 Personal property \"" 100,000 Bad debt '1' 10,000 State franchise tax 25,000 Vacation expense 10,000 Interest expense '3' 16,000 Life insurance premiums 20,000 Federal income taxes 200,000 Entertain ment expense 20,000 Other expenses 29,000 Total expenses 7,300,000 Net Income \"15,000 helditional Information: '1' Real Property Depreciation The book depreciation is the same as tax depreciation for all the property that was placed in service before January 1, Year 6. The book depreciation is straight-line over the useful life, which is the same as class life. '1' Bad Debt Represents the increase in the allowance for doubtful accounts based on an aging of accounts receivable. Actual bad debts written off were $7,000. '3' Interest expenses on: a Mortgage loan - $10,000 a Loan obtained to purchase municipal bonds - $4,000 a Line of credit loan - $2,000 "'4 Personal Property Depreciation The modified accelerated cost recovery system {MACRS} is elected for the furniture and fixtures {costing $56,000 that were place in service on January 1, Year 5. Company policy is to use half-year convention per books for personal property furniture and xtures. No election was made by the company to expense part of the cost of the property. An abbreviated Form 1120 is provided below for the WCorporation. Fill in the appropriate dollar amounts {i.e., no cents are recorded} in the \"Amount\" column. lfthe value of a cell is zero, you must enter a zero {"0\"} to receive credit for your answer. U.S. Corporation Income Tax Return Sales less returns and allowances Cost of goods sold Gross prot Dividends {net} Ml Gross royalties Capital gain net income Other income Total income