Question Clarification: Prepare a Form 1120 for Kingfisher for tax year 2012. Suggested software: H&R BLOCK At Home. Dear tutor, this is my assignment attachment. Please have a look. I am in a hurr

Question Clarification: Prepare a Form 1120 for Kingfisher for tax year 2012. Suggested software: H&R BLOCK At Home.

Dear tutor, this is my assignment attachment. Please have a look. I am in a hurry because I need to hand over this tomorrow morning.

Please prepare a Form 1120 in a word document. I then will have to pdf that and submit it.

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During 2012, Pet Kingdom made esTmated tax payments of $107,000 each quarter to
the IRS. Prepare a Form 1120 for Pet Kingdom for tax year 2012. Suggested so±ware:
H&R BLOCK At Home.
2.
On February 12, 2002, Nancy ²rout and Delores Lake formed King³sher CorporaTon to
sell ³shing tackle. PerTnent informaTon regarding King³sher is summarized as follows:

King³sher’s business address is 1717 Main Street, Ely, MN 55731; its telephone num-
ber is (218) 555-2211; and its e-mail address is king³sher@kf.com.

²he employer idenT³caTon number is 11-1111111, and the principal business acTvity
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-Tme employees of King³sher. Nancy’s Social Secu-
rity number is 123-45-6789, and Delores’s Social Security number is 987-65-4321.

King³sher is an accrual method, calendar year taxpayer. Inventories are determined
using FIFO and the lower of cost or market method. King³sher uses the straight-line
method of deprecaTon for book purposes and accelerated depreciaTon (MACRS)
for tax purposes.

During 2012, the corporaTon distributed cash dividends of $64,000.
King³sher’s ³nancial statements for 2012 are shown below.
Income Statement
Income
Gross sales
$1,884,000
Sales returns and allowances
(64,000)

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Net sales
$1,820,000
Cost of goods sold
(736,000)
Income
Gross proFt
$1,084,000
Dividends received from stock
investments in less-than-20%-owned
U.S. corporaTons
9,000
Interest income
State bonds
$2,500
CerTFcates of deposit
4,000
6,500
Total income
$1,099,500
Expenses
Salaries—o±cers
Nancy ²rout
$150,000
Delores Lake
150,000
$300,000
Salaries—clerical and sales
232,000
²axes (state, local, and payroll)
68,000
Repairs and maintenance
45,000
Interest expense:
Business loans
$10,000
Loan to purchase state bonds
1,800
11,800
AdverTsing
5,000
Rental expense
38,000

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