The areas with the red x is where I need assistance and the blank


The areas with the red x is where I need assistance and the blank boxes in form 1125-E. 

Note: This problem is for the 2021 tax year.

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 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.

Income Statement
Gross sales $2,408,000
Sales returns and allowances (80,000)
Net sales $2,328,000
Cost of goods sold (920,000)
Gross profit $1,408,000
Dividends received from stock  
investments in less-than-20%-
owned U.S. corporations
Interest income: 
State bonds$14,000  
Certificates of deposit10,000   24,000
Total income $1,444,000
Nancy Trout$160,000 
Delores Lake160,000 $320,000 
Salaries—clerical and sales 290,000 
Taxes (state, local, and payroll) 85,000 
Repairs and maintenance 56,000 
Interest expense: 
Business loans$12,000 
Loan to purchase state bonds8,000 20,000 
Advertising 6,000 
Rental expense 68,000 
Depreciation* 40,000 
Charitable contributions (cash) 15,000 
Employee benefit programs 24,000 
Premiums on term life insurance   
policies on lives of Nancy Trout and
Delores Lake; Kingfisher is the
designated beneficiary
Total expenses (940,000)
Net income before taxes $504,000
Federal income tax (106,680)
Net income per books $397,320
* You are not provided enough detailed information to complete a Form 4562 (depreciation). If you solve the problem using Intuit ProConnnect, enter the amount of depreciation on line 20 of Form 1120.
Balance Sheet
AssetsJanuary 1, 2021 December 31, 2021
Cash $380,000   $337,300 
Trade notes and accounts receivable 308,400   480,280 
Inventories 900,000   1,012,000 
State bonds 160,000   160,000 
Federal income tax refund -0-   1,320 
Certificates of deposit 140,000   140,000 
Stock investments 300,000   300,000 
Buildings and other depreciable assets 240,000   240,000 
Accumulated depreciation (88,800)   (128,800) 
Land 20,000   20,000 
Other assets 3,600   2,000 
Total assets $2,363,200   $2,564,100 
Liabilities and EquityJanuary 1, 2021 December 31, 2021
Accounts payable $300,000   $233,880 
Other current liabilities 80,300   40,000 
Mortgages 210,000   200,000 
Capital stock 500,000   500,000 
Retained earnings 1,272,900   1,590,220 
Total liabilities and equity $2,363,200   $2,564,100 


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).

  • If an amount box does not require an entry or the answer is zero, enter “0”.
  • Enter all amounts as positive numbers, unless otherwise instructed.
  • If required, round amounts to the nearest dollar.
  • Make realistic assumptions about any missing data.
Form 1120 .png
Form 1120 - 2.png
Form 1120 - 3.png
Schedule C.png
Schedule C - 2.png
Schedule J.png
Schedule J - 2.png
Schedule K .png
Schedule K - 2.png
Schedule K - 3.png
Schedule L.png
Schedule L - 2.png
Schedule L - 3.png
Schedule M-1 and M-2.png
Form 1125-A.png
Form 1125-E.png
Form 1125-E - 2 .png
Federal Statement.png

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