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.$$ Both are full$-$time employees of the corporation, and each receives a salary of $$165,213.$ 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.

$$ MACRS depreciation was $$259,160$ for the year.

$$ During $2023,$ the corporation distributed a cash dividend of $$93,703.$

$$

Selected portions of Angler$$s profit and loss statement of $2023$ reflect the following debits and credits:

Account

Debit

Credit

Gross sales

$$2,465,869$

Sales returns and allowances

$$93,703$

Cost of goods sold

$1,378,421$

Dividends received from stock investments in

$$ less than $20\%$ owned U$.$S$.$ corporations

$152,884$

Interest income

$$ State bonds

$29,590$

$$ Certificates of deposit

$17,261$

Premiums on term life insurance

$$ policies on the lives of Brendan

$$ and Duncan; Angler Corporation

$$ is the designated beneficiary

$19,727$

Salaries$-$officers

$330,426$

Salaries$-$clerical and sales

$266,314$

Taxes $($state$,$ local, and payroll$)$

$34,522$

Repairs

$17,261$

Interest expense

$14,795$

Donations to DNC

$7,398$

Advertising

$4,932$

Rental Expense

$27,125$

Depreciation

$67,193$

A comparative balance sheet for Angler Corporation reveals the following information:

$$

$$

Assets

$$

December $31,2022$

$$

December $31,2023$

Cash

$$480,000$

$$547,527$

Trade notes and accounts receivable

$808,200$

$739,761$

Inventories

$600,000$

$678,114$

Certificates of Deposit

$130,000$

$130,000$

State bonds

$170,000$

$170,000$

Prepaid Federal tax

$---$

$616$

Buildings and other depreciable assets

$240,000$

$335,967$

Accumulated depreciation

$(88,800)$

$(155,993)$

Land

$20,000$

$20,000$

Other assets

$3,600$

$1,000$

$$

$$

$$

Total assets

$$2,363,000$

$$2,466,992$

$$

Liabilities and Equity

$$

$$

Accounts payable

$$340,000$

$$221,928$

Other current liabilities

$57,860$

$54,249$

Mortgages

$220,000$

$180,008$

Capital stock

$500,000$

$500,000$

Retained earnings

$1,245,140$

$1,510,807$

$$

$$

$$

Total liabilities and equity

$$2,363,000$

$$2,466,992$

$$

$$

Net income per books $($before any income tax accrual$)$

$$403,787$

Income Tax Expense$$

$44,417$

Net Income$$

$359,370$

$$

During $2023,$ Angler Corporation made estimated tax payments of $$44,417$ to the IRS.$$ Prepare a Form $1120$ for Angler Corporation for tax year $2023.$ Include Forms $1125-$A$,1125-$E and Schedule G $($Form $1120).$