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amount for each of the designated areas of the Form 1120, U.S. Corporation Income Tax Return. Enter all amounts as positive values. For each item, enter the appropriate amount in the associated cell. If no entry is necessary or the answer is zero, enter a zero (O). 2021 Form 1120 item (description) Amount Income 1. Gross receipts or sales (Line 1a) 123 2. Returns and allowances (Line 1b) 123 3. Cost of goods sold (Line 2) 123 4. Gross profit (Line 3) 123 5. Dividends and inclusions (Line 4) 123 6. Interest (Line 5) 123 $0 Total income (Line 11) Deductions 123 7. Salaries and wages (less employment credits) (Line 13) 123 8. Bad debts (Line 15) 123 9. Taxes and licenses (Line 17) 123 10. Charitable contributions (Line 19) Total deductions (Line 27) $ 50 To perry.accounting@retainall.com From: helen cfo@retainall.com Subject: Dividends Update HI Perry Dividends arose from the following sources: Date Stock Taxable Domestic Corporation Acquired % Owned by Retainall Blanko Corp. 09/01/17 10.0 $10,000 Father Corp. (sold 1/10/21) 12/01/20 5.0 10,000 Silver Corp 07/01/15 30.0 8,750 Real estate investment trust 06/01/20 1.0 3.750 Mutual fund corp. (capital gains dividends) 04/01/19 0.1 400 Money market fund (interest paying securities 03/01/18 0.1 280 only) Total dividends $33,180 Please let me know if there is anything more that you would ke me to do to assist you with this task, Thank you Helen Retainall CFO lalalalala Operating Expenses To perry accounting retainall.com From helen containall.com Subject: Operating Expenses HI Perry Operating expenses for the year include the following 1. Retinal pledged 55.000 to charity for 2021 and paid the 35.000 in February 2. Estimate of $15,000 for bad debts. Actual bad debts for the year amounted to $10.000 2. Key employee life insurance premiums of $4,000. Retinal is the beneficiary of the policies 4 State income taxes of $12.000 5. During 2021. Retinal estimated federal income tax payments of $30,000. Thene payments were debited to peopold tax expense on Retainel's books 6. Retainalt declared and paid dividends of $10,000 during 2021 7. Retainall was not subject to the alternative minimum tax in 2021 8. Retainall paid its employees (nonofficers) $100,000 during the year. Thank you Helen Retainall CFO Retainail Corp. Condensed Income Statement for the Year Ended December 31, 2021 Before Federal e come Tax Sales $1,000,000 Cost of sales (550,000) Gross profit $ 450,000 Operating expenses (250,000) Operating income $200000 Other income (oss): Interest S 8,000 Dividends 33,180 Net long-term capital loss (6,400) 34,780 Income before federal income tax $ 234,780 Additional Information Interest arose from the following sources U.S. Treasury notes $4,000 Municipal arbitrage bonds 1.000 3,000 Other municipal bonds Total interest $8,000 Scroll down to complete all parts of this task. Use the information for Retainall Corp. in the exhibits to determine the appropriate amount for each of the designated areas of the Form 1120, U.S. Corporation Income Tax Return. Enter all amounts as positive values. For each item, enter the appropriate amount in the associated cell. If no entry is necessary or the answer is zero, enter a zero (0). 2021 Form 1120 item (description) Amount Income 1. Gross receipts or sales (Line 1a) 123 2. Returns and allowances (Line 1b) 123 123 3. Cost of goods sold (Line 2) 4. Gross profit (Line 3) 123 5. Dividends and inclusions (Line 4) 123 6. Interest (Line 5) 123 Total income (Line 11) $0 Deductions 123 7. Salaries and wages (less employment credits) (line 13) 123 8. Bad debts (Line 15) 9. Taxes and licenses (Line 17) 123 10. Charitable contributions (Line 19) 123 Total deductions (Line 27) $0 To: perry accounting@retainall.com From: helen.cfo@retainall.com Subject: Dividends Update Hi Perry, Dividends arose from the following sources: Date Stock Taxable Domestic Corporation Acquired % Owned by Retainall Blanko Corp 09/01/17 10.0 $10,000 Father Corp. (sold 1/10/21) 12/01/20 5.0 10,000 Silver Corp 07/01/15 30.0 8,750 Real estate investment trust 06/01/20 1.0 3,750 Mutual fund corp. (capital gains dividends) 04/01/19 0.1 400 Money market fund interest.paying securities 03/01/18 0.1 280 only) $33,180 Total dividends Please let me know if there is anything more that you would like me to do to assist you with this task Thank you Helen Retainall CFO Operating Expenses To: perry.accounting@retainall.com From: helen.cfo@retainall.com Subject: Operating Expenses Hi Perry, Operating expenses for the year include the following 1. Retainail pledged $5,000 to charity for 2021 and paid the $5,000 in February 2. Estimate of $15,000 for bad debts. Actual bad debts for the year amounted to $10,000 3. Key employee life insurance premiums of $4,000. Retainail is the beneficiary of the policies, 4. State income taxes of $12,000. 5. During 2021, Retainall estimated federal income tax payments of $30,000. These payments were debited to prepaid tax expense on Retaina's books 6. Retainall declared and paid dividends of $10,000 during 2021. 7. Retainail was not subject to the alternative minimum tax in 2021. 8. Retainall paid its employees (nonofficers) $100,000 during the year Thank you Helen Retainall CFO Retainall Corp. Condensed Income Statement for the Year Ended December 31, 2021 Before Federal income Tax Sales Cost of sales $1,000,000 (550,000) Gross profit $ 450,000 Operating expenses (250,000) Operating income $ 200,000 Other income (loss): Interest $ 8,000 Dividends 33,180 Net long-term capital loss (6,400) 34,780 Income before federal income tax $ 234,780 Additional Information Interest arose from the following sources $4,000 U.S. Treasury notes Municipal arbitrage bonds 3,000 Other municipal bonds $8,000 Total interest 1,000 amount for each of the designated areas of the Form 1120, U.S. Corporation Income Tax Return. Enter all amounts as positive values. For each item, enter the appropriate amount in the associated cell. If no entry is necessary or the answer is zero, enter a zero (O). 2021 Form 1120 item (description) Amount Income 1. Gross receipts or sales (Line 1a) 123 2. Returns and allowances (Line 1b) 123 3. Cost of goods sold (Line 2) 123 4. Gross profit (Line 3) 123 5. Dividends and inclusions (Line 4) 123 6. Interest (Line 5) 123 $0 Total income (Line 11) Deductions 123 7. Salaries and wages (less employment credits) (Line 13) 123 8. Bad debts (Line 15) 123 9. Taxes and licenses (Line 17) 123 10. Charitable contributions (Line 19) Total deductions (Line 27) $ 50 To perry.accounting@retainall.com From: helen cfo@retainall.com Subject: Dividends Update HI Perry Dividends arose from the following sources: Date Stock Taxable Domestic Corporation Acquired % Owned by Retainall Blanko Corp. 09/01/17 10.0 $10,000 Father Corp. (sold 1/10/21) 12/01/20 5.0 10,000 Silver Corp 07/01/15 30.0 8,750 Real estate investment trust 06/01/20 1.0 3.750 Mutual fund corp. (capital gains dividends) 04/01/19 0.1 400 Money market fund (interest paying securities 03/01/18 0.1 280 only) Total dividends $33,180 Please let me know if there is anything more that you would ke me to do to assist you with this task, Thank you Helen Retainall CFO lalalalala Operating Expenses To perry accounting retainall.com From helen containall.com Subject: Operating Expenses HI Perry Operating expenses for the year include the following 1. Retinal pledged 55.000 to charity for 2021 and paid the 35.000 in February 2. Estimate of $15,000 for bad debts. Actual bad debts for the year amounted to $10.000 2. Key employee life insurance premiums of $4,000. Retinal is the beneficiary of the policies 4 State income taxes of $12.000 5. During 2021. Retinal estimated federal income tax payments of $30,000. Thene payments were debited to peopold tax expense on Retainel's books 6. Retainalt declared and paid dividends of $10,000 during 2021 7. Retainall was not subject to the alternative minimum tax in 2021 8. Retainall paid its employees (nonofficers) $100,000 during the year. Thank you Helen Retainall CFO Retainail Corp. Condensed Income Statement for the Year Ended December 31, 2021 Before Federal e come Tax Sales $1,000,000 Cost of sales (550,000) Gross profit $ 450,000 Operating expenses (250,000) Operating income $200000 Other income (oss): Interest S 8,000 Dividends 33,180 Net long-term capital loss (6,400) 34,780 Income before federal income tax $ 234,780 Additional Information Interest arose from the following sources U.S. Treasury notes $4,000 Municipal arbitrage bonds 1.000 3,000 Other municipal bonds Total interest $8,000 Scroll down to complete all parts of this task. Use the information for Retainall Corp. in the exhibits to determine the appropriate amount for each of the designated areas of the Form 1120, U.S. Corporation Income Tax Return. Enter all amounts as positive values. For each item, enter the appropriate amount in the associated cell. If no entry is necessary or the answer is zero, enter a zero (0). 2021 Form 1120 item (description) Amount Income 1. Gross receipts or sales (Line 1a) 123 2. Returns and allowances (Line 1b) 123 123 3. Cost of goods sold (Line 2) 4. Gross profit (Line 3) 123 5. Dividends and inclusions (Line 4) 123 6. Interest (Line 5) 123 Total income (Line 11) $0 Deductions 123 7. Salaries and wages (less employment credits) (line 13) 123 8. Bad debts (Line 15) 9. Taxes and licenses (Line 17) 123 10. Charitable contributions (Line 19) 123 Total deductions (Line 27) $0 To: perry accounting@retainall.com From: helen.cfo@retainall.com Subject: Dividends Update Hi Perry, Dividends arose from the following sources: Date Stock Taxable Domestic Corporation Acquired % Owned by Retainall Blanko Corp 09/01/17 10.0 $10,000 Father Corp. (sold 1/10/21) 12/01/20 5.0 10,000 Silver Corp 07/01/15 30.0 8,750 Real estate investment trust 06/01/20 1.0 3,750 Mutual fund corp. (capital gains dividends) 04/01/19 0.1 400 Money market fund interest.paying securities 03/01/18 0.1 280 only) $33,180 Total dividends Please let me know if there is anything more that you would like me to do to assist you with this task Thank you Helen Retainall CFO Operating Expenses To: perry.accounting@retainall.com From: helen.cfo@retainall.com Subject: Operating Expenses Hi Perry, Operating expenses for the year include the following 1. Retainail pledged $5,000 to charity for 2021 and paid the $5,000 in February 2. Estimate of $15,000 for bad debts. Actual bad debts for the year amounted to $10,000 3. Key employee life insurance premiums of $4,000. Retainail is the beneficiary of the policies, 4. State income taxes of $12,000. 5. During 2021, Retainall estimated federal income tax payments of $30,000. These payments were debited to prepaid tax expense on Retaina's books 6. Retainall declared and paid dividends of $10,000 during 2021. 7. Retainail was not subject to the alternative minimum tax in 2021. 8. Retainall paid its employees (nonofficers) $100,000 during the year Thank you Helen Retainall CFO Retainall Corp. Condensed Income Statement for the Year Ended December 31, 2021 Before Federal income Tax Sales Cost of sales $1,000,000 (550,000) Gross profit $ 450,000 Operating expenses (250,000) Operating income $ 200,000 Other income (loss): Interest $ 8,000 Dividends 33,180 Net long-term capital loss (6,400) 34,780 Income before federal income tax $ 234,780 Additional Information Interest arose from the following sources $4,000 U.S. Treasury notes Municipal arbitrage bonds 3,000 Other municipal bonds $8,000 Total interest 1,000

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