1. Complete Part One of Form 1120 with no errors. Include the following sections of the form in your response:
   1. Income
   2. Deductions
   3. Tax, Refundable Credits, and Payments
2. Prepare Part Two of Form 1120 with no errors. Include the following sections of the form in your response:
   1. Schedule C
   2. Schedule J
   3. Schedule K
3. Prepare Part Three of Form 1120 with no errors. Include the following sections of the form in your response:
   1. Schedule L
   2. Schedules M-1 and M-2

Company Information
Address:	1234 Anywhere Blvd, Sun City, AZ 85351
Employer Identification Number (EIN):	85-1234566
Date Incorporated:	1/2/2022

Notes:

1. Meals are subject to 50% limitation.

2. Tax exempt interest of $6,000 is earned from Arizona state bonds.

3. Capital stock transactions:

a. 4,000 shares of Tech Inc. stock purchased February 1 for $100,000, sold April 1 for $113,000

b. 2,000 shares of WiresNThings stock purchased June 1 for $50,000, sold September 1 for $55,000

c. 3,000 shares of stock purchased April 1 for $140,000, sold September 1 for $100,000

Cost of Goods Sold notes:

Beginning inventory $0

Purchases during the year $17,000,000

Cost of labor $3,000,000

Other costs (depreciation) $360,000

Ending inventory $0

Ending Cash Balance will equal Ending Retained Earnings Balance.

Income Statement
For the Year Ended December 31
Gross Sales			$ 32,000,000.00
Cost of Goods Sold			20,360,000.00
Gross Profit			11,640,000.00
Other Income:
Dividends			65,000.00
Interest			20,000.00
Tax-Exempt Interest			6,000.00
Capital Loss			(22,000.00)
Total Income			11,709,000.00
Expenses:
Salaries and Wages			800,000.00
Charitable Contributions			40,000.00
Meals			54,000.00
Total Expenses			894,000.00
Net Income Per Books			$ 10,815,000.00