Complete the $2024$ corporate tax return $($Form $1120,$ all $6$ pages but no additional forms$)$ for the following scenario. Please note the following: $$ Form $1120$ can be found on IRS.gov. Make sure you use the $2024$ version of the form. $($Do NOT use form $1120$F or $1120$S$,$ those are for different types of entities. You need just Form $1120).$ Form $1120$ all pages and schedules need to be completed $($including schedules M$-1$ and M$-2$; these are often forgotten$).$ For Schedule K$,$ complete the line items that information is provided for and make any reasonable assumptions for the remaining lines. This schedule is graded for effort while the other schedules are graded for accuracy. $$ Check figure: Taxable income line $30,$ page $1=$ $$3,215,928$ You are welcome to e$-$mail, call, or text me with questions. It is often helpful if you include the file you are working with or a picture of your work. I am willing to review your tax return two times before submission. Questions are not limited$.$ Running Soles $($RS$)$ is organized in the state of Oklahoma as a corporation and is taxed as a $$C$$ corporation with a calendar year$-$end. RS operates a specialty running store throughout Oklahoma. RS$$s address $($unchanged since inception$),$ employer identification number $($EIN$),$ and date of incorporation are as follows: Running Soles, Inc. $1000$ Commerce Street Tulsa, OK $74008$ EIN: $13-7894563$ Date of Incorporation: January $1,2013$ RS has only common shares issued $($no preferred stock$).$ There are currently $10,000$ shares of RS common stock issued and outstanding. RS uses the accrual method of accounting and follows GAAP. RS is not a subsidiary nor is it in an affiliated group with any other entity. RS is not audited by a CPA firm and has never had a restatement of its income statement. RS reported the following information for the year: $$ Dividends RS received from a $18-$percent$-$owned corporation of $$450,000.$ NOL carryover from prior year of $$29,400$ RS did not pay dividends in excess of its current and accumulated earnings and profits. No dividends were paid in the current year. $$ None of the stock of RS is owned by non$-$U$.$S$.$ persons. $$ RS has never issued publicly offered debt instruments. $$ RS is not required to file a Form UTP. $$ RS made several payments in the current year that required the filing of federal Forms $1099.$ These Forms $1099$ were filed timely by RS$.$ During the year, none of the shareholders of RS changed. $$ RS has never disposed of more than $65\%($by value$)$ of its assets in a taxable, non$-$taxable, or tax$-$ deferred transaction. $$ RS did not receive any assets in Section $351$ transfers during the year. $$ RS is not required to file Schedule M$-3,$ instead you need to complete Schedule M$-1$ for the year. Additional information: RS maintains an inventory of several items. Inventory is valued at cost$.$ RS has never changed its inventory method. RS uses specific identification for its inventory. RS has never written down any subnormal goods. The rules of Section $263$A $($UNICAP$)$ do not apply to RS$.$ RS made four quarterly estimated tax payments of $$180,000$ each during the current year. Financial Statements $($kept on a GAAP basis$)$: Running Soles, Inc. Balance Sheet Assets: $12/31/202312/31/2024$ Cash $ $109,375$ $ $1,004,712$ Accounts Receivable $197,750178,500$ Inventory $103,250126,000$ Other Current assets $636,125272,673$ Other Long$-$term assets $2,937,3752,940,000$ Total Assets: $$3,983,875$ $$4,521,885$ Liabilities and Shareholders$$ Equity: Other Current Liabilities $524,842546,420$ Note Payables $2,917,25081,937$ Capital Stock $1,7501,750$ Additional paid$-$in Capital $173,250173,250$ Retained Earnings$-$Unappropriated $366,7833,718,528$ Total Liabilities and Shareholders$$ Equity: $$3,983,875$ $$4,521,885$ Income Statement for the period ending December $31,2024$ Gross sales $ $7,856,250$ Less returns: $(53,156)$ Net sales $7,803,094$ Cost of goods sold $(2,264,063)$ gross profit $5,539,031$ Dividend income $450,000$ total income $5,989,031$ Expenses: employee salaries $1,182,563$ repairs and maintenance $25,921$ rent $365,531$ payroll taxes $90,512$ licensing fees $8,138$ property taxes $19,254$ office supplies $8,794$ employee training $3,675$ employee benefits $107,625$ charitable contributions $70,000$ advertising $89,250$ entertainment $6,234$ travel $984$ insurance $27,890$ utilities $497,306$ telephone $21,263$ federal income tax expense $112,350$ total expenses $2,637,287$ net income $($loss$)3,351,745$