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Please prepare a corporate tax return for the following information with step by step calculations and with the final draft of the 2017 tax return at the end. Thank you.Copy of CORPORATION.xlsx x and y (1) - Excel (Product Activation Failed) File Home Insert Page Layout FormulasData Review View Tell me what you want to do. A1 xfr Mr. X and Y each invested $100,000 to start a plumbing business on 01/01/2017 Prepare 2017 CORPORATE Tax Return from the following information 6 Cash 7 Accounts Receivable 8 Investment in Stocks/Bonds 9 Equpment 10 Accumulated Depreciation 11 Accounts Payable 12 Partners Capital 13 Sales 14 Interest income 15 |Dividend ( 5% owned) 16 Cost of sales 17 Salaries to X 18 Salaries to Y 19 Other salaries 20 Charitable Contribution 21 Rent 22 Utilities 23 Penalties 24 Advertising 25 Depreciation-MACRS 26 Contract Labor 27 28 29 30 31 32 23,000 85,000 30,000 185,000 43,000 120,000 100,000 873,000 2,500 1,500 450,000 50,000 50,000 85,000 1,000 60,000 18,000 1,000 24,000 43,000 35,000 1,140,000 1,140,000 Taxable Income 55,950 34 35 36

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PROFIT & LOSS ACCOUNT For the Year Ended 31st December 2017 Amount 1S Amount Particulars Amount Particulars 4,50,000 By Sales To Cost of sales To Salary to X To Salary to Y To Other salaries To Charitable Contribution To Rent To Utilities To Penalties To Advertising To Contract labor To Depreciation 50,000 By Interest Income 50,000 By Dividend (5%Owned) 8,73,000 2,500 1,500 85,000 1,000 60,000 18,000 1,000 24,000 35,000 43,000 Total Expenses 8,17,000 To Net profit 60,000 8,77,000 8,77,000

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