Based on the information above please fill out the section from form 1120 to find total tax or compute tentative total tax for year 2019

$ 4,121,889 (70,847) $ 4,051,042 (2,357,466) $ 1,693,576 Wildcat Corporation Income Statement for Year Ending December 31, 2019 Sales revenues Less: Sales allowances & returns Net revenues Less: Cost of goods sold Gross margin Less: Operating expenses Advertising $ 134,384 Bad debts a 12,366 Charitable contributions b 4,123 Depreciation 86,486 Insurance d 29,193 Interest 23,228 Miscellaneous 16,928 Rent 222,582 Repairs & maintenance 32,974 Salaries & wages ! 520,822 Taxesh 94,804 Utilities 46,761 Net operating income Dividendi & interest income Income tax payments Net income (1,224,651) $ 468,925 2,836 (64,000 $ 407,761 Wildcat Corporation Balance Sheet for December 31, 2019 Cash Accounts receivable (net of $7,544 allowance for doubtful accounts) Inventory Investments Depreciable property (net of $86,486 accumulated depreciation) Other assets Total assets $ 158,289 298,956 675,584 117,830 979,139 9,454 $ 2,239,252 $ Accounts payable Other current liabilities Note payable m Total liabilities 342,740 1,848 596,903 941,491 $ Common stock Retained earnings Total equities $ 925,000 372,761 $ 1,297,761 Total liabilities & equities $ 2,239,252 Notes for income statement and balance sheet: a Wildcat wrote off $4,822 of its accounts receivable as uncollectible. b The contributions were all in cash. Book depreciation is determined using the straight-line method, a zero estimated residual value, and a full year of depreciation for the year of acquisition. Wildcat purchases and places into service the assets on January 1, 2019: Estimated MACRS Original cost useful life recovery period Class life $ 193,579 8 years 5 years 5 years $ 872,046 14 years 7 years 12 years Wildcat does not use Sec. 179 or bonus depreciation. See Chapter 1:10 for details regarding MACRS depreciation. See the current E&P exercise we did in class for an example of E&P depreciation. for life insurance on Wildcat's president (with Wildcat as the beneficiary) and $23,485 for casualty and liability insurance. The life insurance does not have a cash surrender value. The interest expense is on a loan whose proceeds Wildcat used to purchase depreciable assets. * This is comprised of $5,102 of meals expenses, $9,456 of organizational expenditures, and $2,370 of fully- deductible other expenses. Wildcat wants to deduct for 2019 the maximum amount allowed for these expenses. $ $225,239 of this is compensation of Wildcat's officers. h This is comprised of payroll and property taxes. i Wildcat received $960 of dividends from domestic corporations in which it owns less than 1% of the stock. Wildcat owned the stock for more than 45 days before the stock became ex-dividend with respect to the dividends. j Wildcat received $1,108 of interest on investments in corporate bonds and $768 of interest on investments in municipal bonds. k This is comprised of four quarterly estimated tax payments of $16,000 each. This is comprised of $31,944 of stocks, $34,098 of corporate bonds, and $51,788 of municipal bonds. m $55,616 of the note payable is a current liability, and $541,287 is a long-term liability. n The retained earnings are unappropriated. Wildcat paid $35,000 of cash dividends to its shareholders during the year. Hint for items a, d, and f: See the highlights of the material for Thursday, January 30 and Tuesday, February 4. . . | 3 . 50 Part I-Tax Computation 1 Check if the corporation is a member of a controlled group (attach Schedule O (Form 1120)). See instructions Income tax. See instructions . . . . . . . . . . . . . . . 3 Base erosion minimum tax amount (attach Form 8991) . . . . . . . . . . . . . . . . 4 Add lines 2 and 3. . . . . . . . . . . . . . . . . . . . . . 5a Foreign tax credit (attach Form 1118) . . . . . . . . . . . . . . . b Credit from Form 8834 (see instructions) . . . . . . . . . . . 5b General business credit (attach Form 3800) . . . . . . . . . . . d Credit for prior year minimum tax (attach Form 8827) . . 5d e Bond credits from Form 8912 . . . . . . . . . . . . . . 5e 6 Total credits. Add lines 5a through 5e . . . . . . . . . . . . . . . . . . . . 7 Subtract line 6 from line 4 . . . . . . . . . . . . . . . . . . . . . . . 8 Personal holding company tax (attach Schedule PH (Form 1120)). . . 9a Recapture of investment credit (attach Form 4255) . . . . . . . . . . . 9a Recapture of low-income housing credit (attach Form 8611) . . . . . . . . 9b Interest due under the look back method-completed long-term contracts (attach Form 8697). . . . . . . . . . . . . . . . . . . . . . d Interest due under the look-back method-income forecast method (attach Form 8866) | 9d e Alternative tax on qualifying shipping activities (attach Form 8902) . . . . . . 9e f Other (see instructions-attach statement) . . . . . . . . . . . . 9f 10 Total. Add lines 9a through 9f . . . . . . . . . . . . . . . . . . . . . 11 Total tax. Add lines 7, 8, and 10. Enter here and on page 1, line 31 . . . . . . . . . . . . . . . . 6 7 b . . . . 10 | 11 $ 4,121,889 (70,847) $ 4,051,042 (2,357,466) $ 1,693,576 Wildcat Corporation Income Statement for Year Ending December 31, 2019 Sales revenues Less: Sales allowances & returns Net revenues Less: Cost of goods sold Gross margin Less: Operating expenses Advertising $ 134,384 Bad debts a 12,366 Charitable contributions b 4,123 Depreciation 86,486 Insurance d 29,193 Interest 23,228 Miscellaneous 16,928 Rent 222,582 Repairs & maintenance 32,974 Salaries & wages ! 520,822 Taxesh 94,804 Utilities 46,761 Net operating income Dividendi & interest income Income tax payments Net income (1,224,651) $ 468,925 2,836 (64,000 $ 407,761 Wildcat Corporation Balance Sheet for December 31, 2019 Cash Accounts receivable (net of $7,544 allowance for doubtful accounts) Inventory Investments Depreciable property (net of $86,486 accumulated depreciation) Other assets Total assets $ 158,289 298,956 675,584 117,830 979,139 9,454 $ 2,239,252 $ Accounts payable Other current liabilities Note payable m Total liabilities 342,740 1,848 596,903 941,491 $ Common stock Retained earnings Total equities $ 925,000 372,761 $ 1,297,761 Total liabilities & equities $ 2,239,252 Notes for income statement and balance sheet: a Wildcat wrote off $4,822 of its accounts receivable as uncollectible. b The contributions were all in cash. Book depreciation is determined using the straight-line method, a zero estimated residual value, and a full year of depreciation for the year of acquisition. Wildcat purchases and places into service the assets on January 1, 2019: Estimated MACRS Original cost useful life recovery period Class life $ 193,579 8 years 5 years 5 years $ 872,046 14 years 7 years 12 years Wildcat does not use Sec. 179 or bonus depreciation. See Chapter 1:10 for details regarding MACRS depreciation. See the current E&P exercise we did in class for an example of E&P depreciation. for life insurance on Wildcat's president (with Wildcat as the beneficiary) and $23,485 for casualty and liability insurance. The life insurance does not have a cash surrender value. The interest expense is on a loan whose proceeds Wildcat used to purchase depreciable assets. * This is comprised of $5,102 of meals expenses, $9,456 of organizational expenditures, and $2,370 of fully- deductible other expenses. Wildcat wants to deduct for 2019 the maximum amount allowed for these expenses. $ $225,239 of this is compensation of Wildcat's officers. h This is comprised of payroll and property taxes. i Wildcat received $960 of dividends from domestic corporations in which it owns less than 1% of the stock. Wildcat owned the stock for more than 45 days before the stock became ex-dividend with respect to the dividends. j Wildcat received $1,108 of interest on investments in corporate bonds and $768 of interest on investments in municipal bonds. k This is comprised of four quarterly estimated tax payments of $16,000 each. This is comprised of $31,944 of stocks, $34,098 of corporate bonds, and $51,788 of municipal bonds. m $55,616 of the note payable is a current liability, and $541,287 is a long-term liability. n The retained earnings are unappropriated. Wildcat paid $35,000 of cash dividends to its shareholders during the year. Hint for items a, d, and f: See the highlights of the material for Thursday, January 30 and Tuesday, February 4. . . | 3 . 50 Part I-Tax Computation 1 Check if the corporation is a member of a controlled group (attach Schedule O (Form 1120)). See instructions Income tax. See instructions . . . . . . . . . . . . . . . 3 Base erosion minimum tax amount (attach Form 8991) . . . . . . . . . . . . . . . . 4 Add lines 2 and 3. . . . . . . . . . . . . . . . . . . . . . 5a Foreign tax credit (attach Form 1118) . . . . . . . . . . . . . . . b Credit from Form 8834 (see instructions) . . . . . . . . . . . 5b General business credit (attach Form 3800) . . . . . . . . . . . d Credit for prior year minimum tax (attach Form 8827) . . 5d e Bond credits from Form 8912 . . . . . . . . . . . . . . 5e 6 Total credits. Add lines 5a through 5e . . . . . . . . . . . . . . . . . . . . 7 Subtract line 6 from line 4 . . . . . . . . . . . . . . . . . . . . . . . 8 Personal holding company tax (attach Schedule PH (Form 1120)). . . 9a Recapture of investment credit (attach Form 4255) . . . . . . . . . . . 9a Recapture of low-income housing credit (attach Form 8611) . . . . . . . . 9b Interest due under the look back method-completed long-term contracts (attach Form 8697). . . . . . . . . . . . . . . . . . . . . . d Interest due under the look-back method-income forecast method (attach Form 8866) | 9d e Alternative tax on qualifying shipping activities (attach Form 8902) . . . . . . 9e f Other (see instructions-attach statement) . . . . . . . . . . . . 9f 10 Total. Add lines 9a through 9f . . . . . . . . . . . . . . . . . . . . . 11 Total tax. Add lines 7, 8, and 10. Enter here and on page 1, line 31 . . . . . . . . . . . . . . . . 6 7 b . . . . 10 | 11