hi Week 4: Form 1120 Tax Return Sim > Instructions Form 1120, pages 1, 2 and 3 Instructions . Note: This problem is for the 2021 tax year. On February 12, 2007, Nancy Trout and Delores Lake formed Kingfisher Corporation to sell fishing tackle. Pertinent information regarding Kingfisher is summarized as follows: Kingfisher's business address is 1717 Main Street, Ely, MN 55731; its telephone number is (218) 555-2211; and its e-mail address is kingfisher@kf.com. The employer identification number is 11-1111113, and the principal business activity code is 451110. Nancy owns 50% of the common stock and is president of the company, and Delores owns 50% of the common stock and is vice president of the company. No other class of stock is authorized. . Both Nancy and Delores are full-time employees of Kingfisher. Nancy's Social Security number is 123-45-6788, and Delores's Social Security number is 123-45-6787. Print Item Kingfisher is an accrual method, calendar year taxpayer. Inventories are determined using FIFO and the lower of cost or market method. Kingfisher uses the straight-line method of deprecation for book purposes and accelerated depreciation (MACRS) for tax . purposes. During 2021, the corporation distributed cash dividends of $80,000. Kingfisher's financial statements for 2021 are shown below. Income Form 1120, pages 4, 5 and 6 Form 1125-A Schedule G Form 1125E Federal State Gross sales Sales returns and allowances Net sales Check My Work 9 more Check My Work uses remaining Income Statement $2,408,000 (80,000) $2,328,000 4

Note: This problem is for the 2021 tax year. On February 12, 2007, Nancy Frout and Delores Lake formed Kingfisher Corporation to sell fishing tackle, Pertinent information regarding Kinghisher is summarzed as follows: - Kingfisher's business address is 1717 Main Street, Ely, MN 55731; its telephene number is (218) 5552211; and its e mail address is kingfisherblicom. - The employer identification number is 11-1111113, and the principal business activity code is 451110 . - Nancy owns 50% of the common stock and is president of the company, and Delores owns 50% of the common stock and is vice president of the company, No other class of stock is authoried. - Both Nancy and Delores are full-time emplovees of Kingfisher Nancy's Social Seccunty number is 123-45-6786, and Delores's Social Security number is 123456737 - Kinghisher is an accrual method, calendar vear taxpayer. Inventories are determined using fro and the lower of cost or market method Kingfisher uses the straght-line method of deprecation for book purposes and accelerated depreciation (MAcrici) for taw purposes: - During 2021, the corporation distributed cath dividends of \$60,000. Kingfisher's financial statements for 2021 are shown below. 9 more Check Ay Work uses remaming Noter This problem is for the 2021 tax vear. On February 12, 2007, Nancy. Trout and Delores take formed Kingfisher Cor peration to sell fishing tackle. Fertanent information regarding Kingfoher is summarized as follows: kingfisherabloom. - The emplayer identication number is 11-1111113, and the brinchal business activity codn is 451110 - Nancy owns 50% of the common stock and is president of the company and Delores oivis 50% of the conimon stock and is wice president of the compary. No other class of stock is authorized. Security number is 123456767 ourposes - Durng 2021, the corpantion discributed cash dividends of 580,000 . Kongfisher's finacial staternents for 2021 are shown below. Note: This problem is for the 2021 tax year. On February 12, 2007, Nancy Frout and Delores Lake formed Kingfisher Corporation to sell fishing tackle, Pertinent information regarding Kinghisher is summarzed as follows: - Kingfisher's business address is 1717 Main Street, Ely, MN 55731; its telephene number is (218) 5552211; and its e mail address is kingfisherblicom. - The employer identification number is 11-1111113, and the principal business activity code is 451110 . - Nancy owns 50% of the common stock and is president of the company, and Delores owns 50% of the common stock and is vice president of the company, No other class of stock is authoried. - Both Nancy and Delores are full-time emplovees of Kingfisher Nancy's Social Seccunty number is 123-45-6786, and Delores's Social Security number is 123456737 - Kinghisher is an accrual method, calendar vear taxpayer. Inventories are determined using fro and the lower of cost or market method Kingfisher uses the straght-line method of deprecation for book purposes and accelerated depreciation (MAcrici) for taw purposes: - During 2021, the corporation distributed cath dividends of \$60,000. Kingfisher's financial statements for 2021 are shown below. 9 more Check Ay Work uses remaming Noter This problem is for the 2021 tax vear. On February 12, 2007, Nancy. Trout and Delores take formed Kingfisher Cor peration to sell fishing tackle. Fertanent information regarding Kingfoher is summarized as follows: kingfisherabloom. - The emplayer identication number is 11-1111113, and the brinchal business activity codn is 451110 - Nancy owns 50% of the common stock and is president of the company and Delores oivis 50% of the conimon stock and is wice president of the compary. No other class of stock is authorized. Security number is 123456767 ourposes - Durng 2021, the corpantion discributed cash dividends of 580,000 . Kongfisher's finacial staternents for 2021 are shown below