60. Go to the IRS Web site (www.irs.gov) and print the first page of Form 1120.

Using the following information, determine Chelsea Corporation’s tax owed or refund due using this form if it made estimated tax payments of $15,000.

Chelsea Corporation (34 Chelsea Drive, Sarasota, Florida, 33456) is a calendar-

year corporation; its EIN is 78–9999999 and it was incorporated on June 15, 2002. It reported the following for the current year:

Sales = $1,450,000 Pension Contributions = $28,000 Cost of Sales = $625,000 Meals and Entertainment = $12,000 Officers Compensation = $187,000 Utilities = $21,000 Salary and Wages = $266,000 Repairs and Maintenance = $14,000 Rent Expense = $48,000 Vehicle Expenses = $34,000 Taxes = $87,000 Insurance = $30,000 Depreciation = $34,000 Employee Benefit Plans = $17,000