where does the information goes on the tax sheets.

1. Floyd Corporation was formed and began operations on January 1, 2020. The corporation is located at 210 N. Main St., Pearisburg, VA 24134 and the EIN is 91-1111111. The corporation's income statement for the year and the balance sheet a end are presented below. $ 320,000 a The Floyd Corporation Income Statement for the Year Ended December 31, 2020 Gross income from operations Qualified dividends received from a 15 percent- owned domestic corporation Total gross income Cost of goods sold Total income Other expenses: $80,000 Compensation of officers Salaries and wages 20,000 20,000 340,000 (70,000) 270,000 AN Salaries and wages Bad debts (direct charge-offs) Repairs Depreciation for book (tax depreciation = $90,000) Advertising Payroll taxes Total other expenses Pretax book income Income tax expense Net income 20,000 9,000 3,000 10,000 3,000 15,000 (140,000) 130,000 25,200 $ 104,800 The Floyd Corporation Balance Sheet as of December 31, 2020 Assets: Cash Accounts receivable $ 140,600 20.000 70,000 90,000 (10,000) $310,600 Inventory (at cost) Equipment Less: accumulated depreciation Total assets Liabilities and owners' equity: Accounts payable Other liabilities Note payable (due in 10 years) Common stock Retained earnings Total liabilities and owners' equity $ 24,000 16,800 85,000 80,000 104,800 $310,600 The corporation made estimated tax payments of $9,000. Complete Form 1120 for Floyd Corporation. Required: Fon1120 Department of the Treasury Internal Revenue Service A Check it 1a Consider U.S. Corporation Income Tax Return For calendar year 2020 or tax year beginning 2020, ending Go to www.ins, gowl Form 1 120 for instructions and the latest Information OMB No 1545 0173 Namn 2020 buone con TYPE Number street and room suite no. WaP.O. box see instructions Employer identification member 2 persons hongo mo Sch. Po 3 DOR PRINT care incorporated Gyer toan, state or province, country, and DP or forego postal code D Totalstenections Address danga Name change 1a 1b Income 16 2 3 4 4 Schwached E Dreckt Ihretum 2 Fraretum 1a Gross receipts osales Returns and allowances c Balance. Subtract line 1b from line la 2 cost of goods sold (attach Form 1125-A). Gross profit. Subtract line 2 from line 16 4 Dividends and inclusions (Schedule C, line 23, $ Interest Gross rents 7 Gross royalties Capital gain net income (attach Schedue D Form 1120) Net gain or loss) from Form 4797, Part I. line 17 (attach Form 4797) 10 Other income isoo instructions-attach statement Total income. Add lines frough 10 12 Compensation of officers see Instructions-attach Form 1125-E) Salaries and wages foss employment credits Repairs and maintenance 15 Bad bts 16 Rents 17 Taxes and loenses ist 31, 2017 HOT FILE 6 7 10 on deductions.) 12 13 14 15 10 Annotations Accessit Deductions (See Instructions for limitat Quick Tour Print Charitable contributions. Search Depreciation from Form 4562 not claimed on Form 1124-A or elsewhere on return (attach Form 4589 19 21 Depletion 20 22 Advertising 21 Pension, profit-sharing. 22 24 Employee benefit programs 23 Reserved for future use. 24 26 Other deductions (attach statement 25 Total deductions. Add lines 12 through 26 28 Taxable income before net operating loss deduction and special de 27 ctions. Subtract line 27 from line 11. Net operating loss deduction (see instructions) 299 Special deductions (Schedule C, Ine 24). Add lines 28 and 290 30 Taxable income. Subtract line 28c from line 28. See Instructions 30 31 Total tax (Schedule J. Part I. line 11). 31 32 2020 net 965 tax liability paid (Schedule J. Part II. line 12) 32 Total payments. credits, and section 965 net tax liability (Schedule J. Part Ill . Iine 23) 33 34 Estimated tax penalty. See Instructions. Check if Form 2220 e attached 24 35 Amount owed. I line 33 is smaller than the total of Wines 31. 32. and 34. enter amount owed 35 36 Overpayment. Iine 33 is larger than the total of lines 31. 32. and 34. enter amount overpad 37 Enter amount from line 36 you want: Credited to 2021 estimated tax Refunded 37 Unde per person med mangomong on MON Sign and compete De preporomora tepad on omation of which prawne Maya the whown below Here Title Signature of onio PreType preparer's name Pregnare Dane Paid Preparer Arms FIN Firm'sinin Use Only PL Fres Form 1120 2020 C. No. 114800 For Paperwork Reduction Act Notice, see separate Instructions. Ta Seuns Yes No PTIN Check O. Page 2 1 Schedule C Dividends, Inclusions, and Special Deductions (see instructions) Dividends from less-than-20% owned domestic corporations fother than debt-wanced stock) 2 Dividends from 20%-or-more-owned domestic corporations (other than debt-financed stock (aDividida end mehusian la Special eductions Bo Dividends on certain debt-financed stock of domestic and foreign corpo 4 Dividends on certain preferred stock of less-than-20%-owned public utilities 23.5 S Dividends on certain preferred stock of 20%-c-more-owned public weather 6 Dividends from less-than-2 --- 2020 - OLE 6-owned foreign corporations and certain F80x 50 7 Dividends from 20%-or-more-owned foreign corporations and certain FSC- 65 Dividends from wholly owned foreign subsidiaries 100 9 10 Subtotal. Add lines 1 through 8. See instructions for limitations Dividends from domestic corporations received by a small business Investment company operating under the Small Business Investment Act of 1958 100 Dividends from affiliated group members 100 12 100 13 Dividends from certain FSCs Foreign-source portion of dividends received from a specified 10%-owned foreign corporation (excluding hybrid dividende) (see instructions Dividends from foreign corporations not included on om 13 including any hybrid dividends. 100 Forms 5471) b Subpart Finclusions derived from hybrid dividends of tiered corporations attach Formu 5471) (see instructions. Other Inclusions from CFCs under subpart F not included on line 15 14a, 18 or 17 (attach Formis) $471) (see instructions). 100 17 Global Intangible Low-Taxed Income (GILTT) (attach Formia 5471 and Form 6992) Gross-up for foreign taxes deemed paid 19 IC-DISC and former DISC dividends not included on line 1. 2. or 3 20 Other dividends 21 Deduction for dividends paid on certain preferred stock of pubike ute 22 Section 250 deduction (attach Form 8993) Total dividends and inclusions. Add column (Al. Wines 9 through 20 Enter here and on page 1, line 4 Total special deductions. Add column ), Ines 9 thougn 22. Enter here and on page 1. Ine 28b Form 1120 2000 Forn 1120 2020 Schedule J Tax Computation and Payment (see Instructions) Parti-Tax Computation 1 Check the corportion is a member of a controlled group (atach Schedue o form on Souton Search Annotations Accessibilit Form 2439 20a b Form 4136 200 Reserved for future use 200 d Other (attach statement-see instructions) 200 21 Total credits Asd lines 20a through 200 2020 net 965 taxablity from Form 985-8. Part I. column (d). Ine 4. See Instructions Total payments, credits, and section 186 net tax liability. Add lines 19, 21, and 22. Enter here and on page 1. Ine 33 21 22 23 Pom 1120 Yes No Form 11200020 Schedule K Other Information (see instructions) 1 Check accounting method: a Cash b Accrual 0 Other specity 2 See the instructions and enter the Business activity code no. b Business activity Product or service 3 Is the corporation a subsidiary in an affiliated group or a parent-subsidiary controlled group? Yes." enter name and EIN of the pare orporation - OF At the end of the tax year. Did any foreign or domestic corporation, partnership including my entity treated as a partnership, trust, o tax-exempt organization own directly 20% or more. or own directly or indirectly, 50% or more of the total voting power of a can of the corporation's stock entitled to vote?" "Yes.. completo Parts of Schedule G (Form 1120) (attach Schedule G Did any individual or estate own directly 20% or more, or own, directly or indirectly, 50% or more of the total voting power of a classes of the corporation's stock entitled to vote? il "Yes.complete Part 1 of Schedule G Form 11201 cartach Schedule 5 At the end of the tax year, did the corporation: Own directy 20% or more, or own directly or indirechy, 50% or more of the total voting power of a class of shocked to vote of any foreign or domestic corporation not included on Form 861, Affiliation Schedule fornies of constructive ownerstructions Yes complete though I below Emplo COM econdo Name of Corporation Identification Number no SRCA RCC Own Grectly an interest of 20% or more, or own, directly or indirectly, an Interest of 50% of more in any foreign or domestic partnership (including an entity treated as a partnership or in the beneficial interest of a trust? Fer rules of constructive ownership se instructions Yes complete through in below. Employer Country of Mumun Name of Entity Identification Number Percentage Oured in Organon ary Pro Loco Cape During this tax year old the corporation pay avidends (other than stock dividends and distributions in exchange for stock) in excess of the corporation's current and accumulated earnings and profits? See sections 301 and 316 Yes." fie Form 5452. Corporate Report of Nondividend Distributions. See the instructions for Form 5452. w this is a consolidated retum, answer here for the parent corporation and on Form 851 for each subsidiary. 7 At any time during the tax year, did one foreign person own, directly or indirectly, at least 25% of the total voting power of all classes of the corporation's stock entitled to vote or at least 25% of the total value of all classes of the corporation's stock? For rules of attribution, see section 318. "Yes." enter: tal Percentage owned and (b) Owner's country (c) The corporation may have to fille Form 5472, Information Return of a 25% Foreign-Owned U.S. Corporation or a foreign Corporation Engaged in a U.S. Trade or Business. Enter the number of Forms 5472 attached Check this box it the corporation issued publicly offered debt instruments with original issue discount. #checked, the corporation may have to file Form 8201, Information Return for Publicly Offered Original Issue Discount Instruments 9 Enter the amount of tax-exempt interest received a accrued during the tax years 10 Enter the number of shareholders at the end of the tax year of 100 or bewer) the corporation has an NOL for the tax year and is electing to forego the carryback period, check here se instructions) w the corporation is fling a consolidated return, the statement required by Regulations section 1.1502-21[b][3) must be attached or the clection will not be valid Enter the available NOL carryover from prior tax years do not reduce it by any deduction reported on page 1. In 29a). Por 1120 00 8 $