Note: This problem is for the $2023$ tax year.On February $12,2009,$ 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 k$..$r@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 $123-45-6787.$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 depreciation for book purposes and accelerated depreciation $($MACRS$)$ for tax purposes.During $2023,$ the corporation distributed cash dividends of $$90,000.$The corporation did not own or use any digital assets during the year.Kingfisher's financial statements for $2023$ are shown below.Income StatementIncome Gross sales $$2,408,000$Sales returns and allowances $(80,000)$Net sales $$2,328,000$Cost of goods sold $(920,000)$Gross profit $$1,408,000$Dividends received from stock investments in less$-$than$-20\%-$owned U$.$S$.$ corporations $12,000$Interest income: State bonds$$14,000$ Certificates of deposit$10,00024,000$Total income $$1,444,000$Expenses Salariesofficers: Nancy Trout$$160,000$ Delores Lake$160,000$ $$320,000$ Salariesclerical and sales $290,000$ Taxes $($state$,$ local, and payroll$)85,000$ Repairs and maintenance $56,000$ Interest expense: Business loans$$12,000$ Loan to purchase state bonds$8,00020,000$ Advertising $6,000$ Rental expense $68,000$ Depreciation$*30,000$ Charitable contributions $($cash$)15,000$ Employee benefit programs $24,000$ Premiums on term life insurance policies on lives of Nancy Trout andDelores Lake; Kingfisher is thedesignated beneficiary $16,000$ Total expenses $(930,000)$Net income before taxes $$514,000$Federal income tax $(106,680)$Net income per books $$407,320*$ Depreciation for tax purposes is $$40,000.$ You are not provided enough detailed information to complete a Form $4562($depreciation$).$ If you solve this problem using Intuit ProConnect, enter the amount of depreciation on line $20$ of Form $1120.$ Balance SheetAssetsJanuary $1,2023$ December $31,2023$Cash $$380,000$ $$337,300$ Trade notes and accounts receivable $308,400480,280$ Inventories $900,0001,012,000$ State bonds $160,000160,000$ Federal income tax refund $-0-1,320$ Certificates of deposit $140,000140,000$ Stock investments $300,000300,000$ Buildings and other depreciable assets $240,000240,000$ Accumulated depreciation $(88,800)(128,800)$ Land $20,00020,000$ Other assets $3,6002,000$ Total assets $$2,363,200$ $$2,564,100$ Liabilities and EquityJanuary $1,2023$ December $31,2023$Accounts payable $$300,000$ $$233,880$ Other current liabilities $80,30040,000$ Mortgages $210,000200,000$ Capital stock $500,000500,000$ Retained earnings $1,272,9001,590,220$ Total liabilities and equity $$2,363,200$ $$2,564,100$ Required:During $2023,$ Kingfisher made estimated tax payments of $$27,000$ each quarter to the IRS. Prepare Kingfisher's corporate tax return for tax year $2023$ using Form $1120$