Question: How do I fill out this Form 1120 given this information? ACCT 4611 Dr. Furner Corporate Tax Return Problem January 2020 On May 1, 1989,

How do I fill out this Form 1120 given this information?

How do I fill out this Form 1120 given this information? ACCT4611 Dr. Furner Corporate Tax Return Problem January 2020 On May 1,

ACCT 4611 Dr. Furner Corporate Tax Return Problem January 2020 On May 1, 1989, Brendan Mcleod and Duncan Ryan formed Angler Corporation to sell fishing tackle. Pertinent information regarding Angler is summarized as follows: The business address is 3027 Woodland Ridge Blvd., Baton Rouge, Louisiana 70816. The employer identification number is 75-3392543; the principal business activity code is 451110. Brendan and Duncan each own one-half of the outstanding common stock; no other class of stock is authorized. Brendan is president of the company, and Duncan is secretary-treasurer. Both are full-time employees of the corporation, and each receives a salary of $160,000. Brendan's Social Security number is 145-26-2593. Duncan's Social Security number is 287-43-4945. The corporation uses the accrual method of accounting and reports on a calendar basis. Inventories are determined by using the lower of cost or market method. For book purposes, the straight-line method of depreciation is used. MACKS depreciation was $71,620 for the year. During 2019, the corporation distributed a cash dividend of $88,000. Selected portions of Angler's profit and loss statement of 2019 reflect the following debits and credits: Account Debit Credit Gross sales $2,537,800 Sales returns and allowances $93.670 Cost of goods sold 1,007,900 Dividends received from stock 120,500 investments in less than 20% owned U.S. corporations Interest income State bonds $18,300 Certificates of deposit 15,000 33,300 Premiums on term life insurance 17,200 policies on the lives of Brendan and Duncan; Angler Corporation is the designated beneficiary Salaries-officers 320,000 Salaries-clerical and sales 261,000 Taxes (state, local, and payroll) 39,140 Repairs 19,450 Interest expense 16,030 Fines for dumping toxic waste 8.210 Advertising 6,480 Rental Expense 27,930 Depreciation 47,000+ A comparative balance sheet for Angler Corporation reveals the following information: Assets December 31, 2018 December 31, 2019 Cash $480,000 $541,288 Trade notes and accounts receivable 808,200 1,060,600 Inventories 600,000 736,000 Certificates of Deposit 130,000 130,000 State bonds 170,000 170,000 Prepaid Federal tax 3,400 Buildings and other depreciable assets 240,000 278,000 Accumulated depreciation (88,800) (135,800) Land 20,000 20,000 Other assets 3,600 1,000 Total assets $2.363.000 $2.804.488 O Liabilities and Equity Accounts payable $340,000 $159,000 Other current liabilities 57,860 67,000 Mortgages 220,000 251,000 Capital stock 500,000 500,000 Retained earnings 1,245,140 1,827,488 Total liabilities and equity $2.363.000 $2,804.488 Net income per books (before any income tax accrual) $827,590 Income Tax Expense 157 242 Net Income $670.348 During 2019, Angler Corporation made estimated tax payments of $160,642 to the IRS. Prepare a Form 1120 for Angler Corporation for tax year 2019. Include Forms 1125-A, 1125-E and Schedule G (Form 1120)

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