Prepare the current year 1120 for Oasis Computers based on the following information. Use the 2020 return from www.irs.gov

1. Gross receipts of $ 1,000,000

2. Cost of Goods Sold - $500,000

3. Depreciation on building - $6,000 (tax)

4. Bank interest income - $600

5. Salaries and wages $200,000

6. Additional depreciation on assets purchased during the current year (hint: problem is cumulative)

7. Life insurance premiums paid with the corporation as beneficiary - $500

8. For financial statement purposes, the reserve for bad debts has historically been 5% of gross receipts, or $50,000. Actual bad debts for this year was $45,000.

9. Interest expense $ 2,000

10. Advertising - $5,000

11. Meals provided during meetings with potential clients $3,000

12. Other deductions - $60,000

13. Total depreciation expense per financial statements was $7,000