Note: This problem is for the 2020 tax year. On November 1, 2009, Janet Morton and Kim Wong formed Pet Kingdom, Inc., to sell pets and pet supplies. Pertinent information regarding Pet Kingdom is summarized as follows: - Pet Kingdom's business address is 1010 Northwest Parkway, Dallas, TX 75225; its telephone number is (214) 555-2211; and its email address is petkingdom@pki.com. - The employer identification number is 11-1111112, and the principal business activity code is 453910. - Janet and Kim each own 50% of the common stock; Janet is president and Kim is vice president of the company. No other class of stock is authorized. - Both Janet and Kim are full-time employees of Pet Kingdom. Janet's Social Security number is 123-45-6788, and Kim's Social Security number is 123-45-6787. - Pet Kingdom is an accrual method, calendar year taxpayer. Inventories are determined using FIFO and the lower of cost or market method. Pet Kingdom uses the straight-line method of depreciation for book purposes and accelerated depreciation (MACRS) for tax purposes. - During 2020, the corporation distributed cash dividends of $250,000. * Depreciation for tax purposes is $136,000. You are not provided enough detailed data to complete a Form 4562 (depreciation). If you solve this problem using Intuit ProConnect, enter the amount depreciation on line 20 of Form 1120 . * Depreciation for tax purposes is $136,000. You are not provided enough detailed data to complete a Form 4562 (depreciation). If you solve this problem using Intuit ProConnect, enter the amount depreciation on line 20 of Form 1120 . Reconciliation of Income (Loss) per Books With Income per Return Note: The corporation may be required to file Schedule M-3. See instructions. 5 3 4 9 a Check all methods used for valuing closing inventory: (i) Cost I Certain Individuals and Estates Owning the Corporation's Voting Stock. (Form 1120 , Schedule K, Question 4b). Complete columns (i) through (iv) below for any individual or estate that owns directly 20% or more, or owns, directly or indirectly, 50% or 12 Enter the total amount (not just the corporation's share) of the assets and liabilities of all entities included or removed on the following lines. BAA For Paperwork Reduction Act Notice, see the Instructions for Form 1120. Note: This problem is for the 2020 tax year. On November 1, 2009, Janet Morton and Kim Wong formed Pet Kingdom, Inc., to sell pets and pet supplies. Pertinent information regarding Pet Kingdom is summarized as follows: - Pet Kingdom's business address is 1010 Northwest Parkway, Dallas, TX 75225; its telephone number is (214) 555-2211; and its email address is petkingdom@pki.com. - The employer identification number is 11-1111112, and the principal business activity code is 453910. - Janet and Kim each own 50% of the common stock; Janet is president and Kim is vice president of the company. No other class of stock is authorized. - Both Janet and Kim are full-time employees of Pet Kingdom. Janet's Social Security number is 123-45-6788, and Kim's Social Security number is 123-45-6787. - Pet Kingdom is an accrual method, calendar year taxpayer. Inventories are determined using FIFO and the lower of cost or market method. Pet Kingdom uses the straight-line method of depreciation for book purposes and accelerated depreciation (MACRS) for tax purposes. - During 2020, the corporation distributed cash dividends of $250,000. * Depreciation for tax purposes is $136,000. You are not provided enough detailed data to complete a Form 4562 (depreciation). If you solve this problem using Intuit ProConnect, enter the amount depreciation on line 20 of Form 1120 . * Depreciation for tax purposes is $136,000. You are not provided enough detailed data to complete a Form 4562 (depreciation). If you solve this problem using Intuit ProConnect, enter the amount depreciation on line 20 of Form 1120 . Reconciliation of Income (Loss) per Books With Income per Return Note: The corporation may be required to file Schedule M-3. See instructions. 5 3 4 9 a Check all methods used for valuing closing inventory: (i) Cost I Certain Individuals and Estates Owning the Corporation's Voting Stock. (Form 1120 , Schedule K, Question 4b). Complete columns (i) through (iv) below for any individual or estate that owns directly 20% or more, or owns, directly or indirectly, 50% or 12 Enter the total amount (not just the corporation's share) of the assets and liabilities of all entities included or removed on the following lines. BAA For Paperwork Reduction Act Notice, see the Instructions for Form 1120