Tax Forms Problem

On November $1,2012,$ Janet Morton and Kim Wong formed Pet Kingdom, Inc., to sell pets and pet supplies. Pertinent information regarding Pet Kingdom is summarized as follows:Balance Sheet

$\backslash$table$[[$Assets$,$January $1,2023,$December $31,2023],[$Cash$,$$ $1,200,000,$$ $1,039,461],[$Trade notes and accounts receivable,$2,062,500,2,147,000],[$Inventories$,2,750,000,3,030,000],[$Stock investment,$1,125,000,1,125,000],[$State bonds,$375,000,375,000],[$Certificates of deposit,$400,000,400,000],[$Prepaid Federal tax,$-0-,2,266],[$Buildings and other depreciable assets,$5,455,000,5,455,000],[$Accumulated depreciation,$(606,000),(712,000)],[$Land$,812,500,812,500],[$Other assets,$140,000,128,500],[$Total assets,$$13,714,000,$$$13,802,727],[$Liabilities and Equity,January $1,2023,$December $31,2023],[$Accounts payable,$ $2,284,000,$$ $1,840,711],[$Other current liabilities,$175,000,155,000],[$Mortgages$,4,625,000,4,575,000],[$Capital stock,$2,500,000,2,500,000],[$Retained earnings,$4,130,000,4,732,016],[$Total liabilities and equity,$$13,714,000,$$$13,802,727]]$

Pet Kingdom$$s business address is $1010$ Northwest Parkway, Dallas, TX $75225$; its telephone number is $(214)555-2211$; and its e$-$mail 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 $2023,$ the corporation distributed cash dividends of $$250,000.$

The corporation did not own or use any digital assets during the year.

Pet Kingdom$$s financial statements for $2023$ are shown below.

Details

$*$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 of depreciation on line $20$ of Form $1120.$

Details

During $2023,$ Pet Kingdom made estimated tax payments of $$56,000$ each quarter to the IRS. Prepare Pet Kingdom$$s corporate tax return for tax year $2023$ using Form $1120($and any other appropriate forms and schedules$).$ Suggested software: ProConnect Tax. Part II Reconciliation of Net Income $($Loss$)$ per Income Statement of Includible Corporations With Taxable

Income per Return $($see instructions$)$

Need these $3$ forms filled with the data above.

Income Statement