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 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 $123-45-6787.$

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 StatementIncomeGross 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$Dividends received from stockinvestments in less$-$than$-20\%-$

owned U$.$S$.$ corporations$12,000$Interest income:State bonds$$14,000$Certificates of deposit$10,00024,000$Total income$$1,444,000$ExpensesSalaries$$officers:Nancy Trout$$160,000$Delores Lake$160,000$$$320,000$Salaries$$clerical 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 insurancepolicies on lives of Nancy Trout and

Delores Lake; Kingfisher is the

designated 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 $1120($and any other appropriate forms and schedules$).$

If an amount box does not require an entry or the answer is zero, enter $"0".$

Enter all amounts as positive numbers, unless otherwise instructed.

If required, round amounts to the nearest dollar.

Make realistic assumptions about any missing data.