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On May 1, 1989, Brendan McLeod and Duncan Ryan formed Angler Corporation to sell fishing tackle. Pertinent information regarding Angler is summarized as follows:

The business address is 3027 Woodland Ridge Blvd., Baton Rouge, Louisiana 70816.

The employer identification number is 75-3392543; the principal business activity code is 451110.

Brendan and Duncan each own one-half of the outstanding common stock; no other class of stock is authorized. Brendan is president of the company, and Duncan is secretary-treasurer. Both are full-time employees of the corporation, and each receives a salary of $123,718. Brendans Social Security number is 145-26-2593. Duncans Social Security number is 287-43-4945.

The corporation uses the accrual method of accounting and reports on a calendar basis. Inventories are determined by using the lower of cost or market method. For book purposes, the straight-line method of depreciation is used.

MACRS depreciation was $71,964 for the year.

During 2021, the corporation distributed a cash dividend of $70,168.

Selected portions of Anglers profit and loss statement of 2021 reflect the following debits and credits:

Account	Debit	Credit
Gross sales		$1,846,532
Sales returns and allowances	$70,168
Cost of goods sold	1,032,211
Dividends received from stock investments in		114,485
less than 20% owned U.S. corporations
Interest income
State bonds		22,158
Certificates of deposit		12,926
Premiums on term life insurance	14,772
policies on the lives of Brendan
and Duncan; Angler Corporation
is the designated beneficiary
Salaries-officers	247,435
Salaries-clerical and sales	199,425
Taxes (state, local, and payroll)	25,851
Repairs	12,926
Interest expense	11,079
Donations to DNC	5,540
Advertising	3,693
Rental Expense	20,312
Depreciation	50,317

A comparative balance sheet for Angler Corporation reveals the following information:

Assets	December 31, 2020	December 31, 2021
Cash	$480,000	$684,074
Trade notes and accounts receivable	808,200	646,286
Inventories	600,000	507,796
Certificates of Deposit	130,000	130,000
State bonds	170,000	170,000
Prepaid Federal tax	---	462
Buildings and other depreciable assets	240,000	251,584
Accumulated depreciation	(88,800)	(139,117)
Land	20,000	20,000
Other assets	3,600	1,000
Total assets	$2,363,000	$2,272,085

Liabilities and Equity
Accounts payable	$340,000	$166,188
Other current liabilities	57,860	40,624
Mortgages	220,000	134,797
Capital stock	500,000	500,000
Retained earnings	1,245,140	1,430,476
Total liabilities and equity	$2,363,000	$2,272,085

Net income per books (before any income tax accrual) $302,372

Income Tax Expense 46,868

Net Income 255,504

During 2021, Angler Corporation made estimated tax payments of $ 46,868 to the IRS. Prepare a Form 1120 for Angler Corporation for tax year 2021. Include Forms 1125-A, 1125-E and Schedule G (Form 1120).

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