Hi, I need someone to help me compute this information in a 1120S form.

Facts in 2015:

 

• ABC Inc., a S Corporation, 123 Oak Dr Houston TX 77002
• EIN-74-111111
• Date S election effective- 1/1/2000
• Date Incorporated 1/1/2000
• Business Activity, retail sales (product-clothing)
• Business Code 99999
• The corporation is a cash basis business
• Total Assets $5,000,000
• Gross Receipts $1,000,000
• Cost of Goods Sold $400,000 (assume no beginning and ending inventory and purchases are $400,000)
• ABC Inc. uses the lower of cost or market method for valuing inventory and also uses the FIFO method for determining the cost of goods sold
• Compensation to Bee Jones, 40% shareholder/President was $200,000
• There are three shareholders in the S Corporation
• Salaries and wages paid to non-shareholder employees were $50,000
• Office Rent paid for corporate office was $10,000
• Supplies expense totaled $40,000
• The corporation received insurance proceeds of $150,000 for life insurance on a key executive. Relative insurance premiums paid for the year were $5,000.
• Beginning Balances: Accumulated Adjustments Account $100,000

 

Other Adjustments Account $ 25,000

 

• Net Income per Books was $445,000 including Life insurance proceeds of $150,000 and Life Insurance Premiums of $5,000.
• There were no distributions made to the shareholders.
• The corporation has no debts.

The corporation has engaged you to prepare the 2015 Form 1120-S (pages 1-5 excluding Schedule L on page 4) for the ABC, Inc. Also, prepare the Schedule K-1 for Bee Jones, 40% shareholder (SSN: 123-45-6789). Be sure to sign the return as the preparer. Do not put your SSN # on the Form 1120-S.