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 at year-end are presented below.

The corporation made estimated tax payments of $9,000. Complete Form 1120 for Floyd Corporation on Pages 11-43 through 11-48.

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Gross income from operations Qualified dividends received from a 15 percent- owned domestic corporation Total gross income Cost of goods sold Total income The Floyd Corporation Income Statement for the Year Ended December 31, 2020 Other expenses: Compensation of officers 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 $80,000 20,000 9,000 3,000 10,000 3,000 15,000 $ 320,000 20,000 340,000 (70,000) 270,000 (140,000) 130,000 25,200 $ 104,800