On February 12, 2007, Nancy Trout and Delores Lake formed Kingfisher Corporation to sell fishing tackle. Pertinent information regarding Kingfisher is summarized as follows:

• Kingfisher's business address is 1717 Main Street, Ely, MN 55731; its telephone number is (218) 555-2211; and its e-mail address is kingfisher@kf.com 

• The employer identification number is 11-1111113, and the principal business activity code is 451110.

• Nancy owns 50% of the common stock and is president of the company, and Delores owns 50% of the common stock and is vice president of the company. No other class of stock is authorized.

• Both Nancy and Delores are full-time employees of Kingfisher. Nancy's Social Security number is 123-45-6788, and Delores's Social Security number is 123-45-6787.

• Kingfisher is an accrual method, calendar year taxpayer. Inventories are determined using FIFO and the lower of cost or market method. Kingfisher uses the straight-line method of deprecation for book purposes and accelerated depreciation (MACRS) for tax purposes.

• During 2021, the corporation distributed cash dividends of $80,000. Kingfisher's financial statements for 2021 are shown below and on the next page.

During 2021, Kingfisher made estimated tax payments of $27,000 each quarter to the IRS. Prepare Kingfisher's corporate tax return for tax year 2021 using Form 1120 (and any other appropriate forms and schedules). Suggested software: ProConnect Tax.

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Gross sales Sales returns and allowances Net sales Cost of goods sold Gross profit Income Dividends received from stock investments in less-than-20%-owned U.S. corporations Interest income: State bonds Certificates of deposit Total income Income Statement $ 14,000 10,000 $2,408,000 (80,000) $2,328,000 (920,000) $1,408,000 12,000 24,000 $1,444,000