Instructions Form 1040 Schedule 1 Schedule 2 Schedule A Schedule B Schedule C Schedule D Instructions Note: This problem is for the 2020 tax year. Devon Bishop, age 45, is single. He lives at 1507 Rose Lane, Albuquerque, NM 87131. His Social Security number is 111-11-1117. Devon did not engage in any virtual currency transactions during the year, and he does not want $3 to go to the Presidential Election Campaign Fund. Devon received the appropriate coronavirus recovery rebates (economic impact payments); related questions in ProConnect Tax should be ignored. Devon's wife, Ariane, passed away in 2016. Devon's son, Tom, who is age 18, resides with Devon. Tom's Social Security number is 123-45- 6788 Devon owns a sole proprietorship for which he uses the accrual method of accounting and maintains no inventory; the business operates as Devon's Copy Shop, 422 E. Main Street, Albuquerque, NM 87131, IRS business activity code: 453990. His revenues and expenses for 2020 are as follows. Sales revenue Cost of goods sold (based on purchases for the year) Salary expense Rent expense Utilities Telephone Advertising Bad debts Depreciation $740,000 405,000 88,000 30,000 8,000 6,500 4,000 5,000 21,000