Question: PLEASE PUT SOLUTION IN THE SAME FORMAT AS THE IMAGES. THANK YOU! Required Information Comprehensive Problem 5-75 (L0 5-1, LO 5-2, LO 5-3) The following
PLEASE PUT SOLUTION IN THE SAME FORMAT AS THE IMAGES. THANK YOU!


Required Information Comprehensive Problem 5-75 (L0 5-1, LO 5-2, LO 5-3) The following information applies to the questions displayed below] Ken is 63 years old and unmarried. He retired at age 55 when he sold his business. Understock.com. Though Ken is retired, he is still very active. Ken reported the following financial information this year. Assume Ken files as a single taxpayer. Determine Ken's gross income and complete page 2 of Form 1040 (through line 6) and Schedule 1 for Ken. a. Ken won $1.200 in an illegal game of poker (the game was played in Utah, where gambling is illegal) b. Ken sold 1,000 shares of stock for $32 a share. He inherited the stock two years ago. His tax basis (or investment) in the stock was $31 per share. c. Ken received $25,000 from an annuity he purchased eight years ago. He purchased the annuity. to be paid annually for 20 years, for $210,000. d. Ken received $13.000 in disability benefits for the year. He purchased the disability insurance policy last year. e. Ken decided to go back to school to learn about European history. He received a $500 cash scholarship to attend. He used $300 to pay for his books and tuition, and he applied the rest toward his new car payment. f. Ken's son, Mike, instructed his employer to make half of his final paycheck of the year payable to Ken as a gift from Mike to Ken. Ken received the check on December 30 in the amount of $1,100 g. Ken received a $610 refund of the $3,600 in state income taxes his employer withhe ld from his pay last year. Ken claimed $6.400 in itemized deductions last year (the standard deduction for a single filer was $6,350). h. Ken received $30,000 of interest from corporate bonds and money market accounts. Comprehenslve Problem 5-75 Part 2 Complete page 2 of Form 1040. Line 1-6 and Form 1040, Schedule 1, Lines 1-22 for Ken (Input all the values as positive numbers. Enter any non-financlal Information, (e.g. Nemes, Addresses, soclal security numbers) EXACTLY as they appear In any glven Information or Problem Statement. Use 2018 tex laws.) 1040 for a single taxpayer. Schedule 1 1040 PG 2 Page 2 of Form 1040. Form 1040 (2018) Page 2 1 Wages, salaries, tips, etc. Attach Form W-2 b Taxable interest 2a Tax-exempt interest 2a 2b Attach Form(s) W-2. Also attach Form(s) W-2G and 1099-R if 4a IRAS, pensions, and annuities b Ordinary dividends 3a Qualified dividends 3a 3b b Taxable amount 4a 4b tax was withheld. bTaxable amount 5a Social security benefits 6 Total income. Add lines 1 through 5. Add any amount from Schedule 1, line 5a 5b 22 Schedule 1 1040 PG 2 1040 for a single taxpayer. Schedule 1 1040 PG 2 Schedule 1 of Form 1040 SCHEDULE 1 Additional Income and Adjustments to Income OMB No. 1545-0074 (Form 1040) Department of the Treasury Internal Revenue Service 2018 Attach to Form 1040. Go to www.irs.gow/Form 1040 for instructions and the latest information. Attachment Sequence No. 01 Name(s) shown on Form 1040 Your social security number Additional 1-9 Reserved 1-9t Income 10 Taxable refunds, credits, ar offsets of state and lacal income taxes 10 11 Alimony received 11 12 Business income or (lass). Attach Schedule C or C-EZ 12 13 Capital gain ar (loss). Attach Schedule D if required. If not required, check here 13 14 Other gains or (losses). Attach Form 4797 14 15a Reserved 15b 16a Reserved 16b 17 Rental real estate, royalties, partnerships, S corporations, trusts, etc. Attach Schedule E 18 Farm income ar (loss). Attach Schedule F 17 18 19 Unemplayment compensation 19 20a Reserved 20b 21 Other income. List type and amount Gambing Income 21 22 Combine the amounts in the far right column. If you don't have any adjustments to income, enter here and on Farm 1040, line 6. Otherwise, go to ine 23 22
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