Huge Corporation reports the follo,ving balance sheet for the current year:

Huge reports the following income and expenses for the year:

Sales	$720,000
Purchases	570,000
Dividend from 100%-owned subsidiary	30,000
Dividend from less-than-20%-owned corporation	10,000
Salaries (including officers' salaries of $30,000)	90,000
Repairs	12,000
Contributions	60,000
State and local taxes	7,500
Interest expense	11,000
Financial accounting depreciation	10,000
MACRS depreciation	17,490
Federal income tax expense per books	10,000

In addition, Huge reported an NOL carryover of $12,000 from the preceding year and paid current year estimated taxes of $10,000.Prepare a current year Form 1120 (U.S. Corporation Income Tax Return) for Huge.Leave spaces blank on Form 1120 for information not provided. Note: You should prepare a schedule of net income per books to complete Line 1 of Schedule M-1.

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Beginning of End Year of Year Cash Accounts receivable Inventories Marketable securities $ 40,000 23,000 26,000 30,000 100,000 100,000 (20,000) $ 70,000 21,500 53,000 30,000 115,000 100,000 (30,000) Investment in 100%-owned subsidiary Depreciable assets Less: Accumulated depreciation Total assets $299,000 $359,500 Accounts payable Short-term loans payable Mortgage payable Common stock Additional paid-in capital Retained earnings Total liabilities and stockholders' equity $ 50,000 20,000 80,000 1,000 49,000 99,000 $299,000 $ 80,000 35,000 79,000 1,000 49,000 115,500 $359,500