Caloundra Corporation

Caloundra Corporation has book income of $40,000. Included in the book income is $3,000 of tax-exempt interest, $7,000 of book income tax expense, and a $2,000 non-deductible fine. Also included in book income are $10,000 of dividends Caloundra received from a 30% owned corporation.Using this information and Form 1120, provide the amounts that go on each line on the form.Problem 1 1 – 4Schedule 14 – 1 [ LO 1 1 . 4}Caloundra Corporation has book income of $ 40 , 200 . Included in the book income is $ 3 , 2010 of tax – exempt interest , $ 7 , 1010 of book income tax expense , and a $ 2 010 non – deductible Fine . Also included in book income are*$ 10 , 090 of dividends*Caloundra received from a 3046 owned corporation .Lising this information and Form 1 120 , provide the amounts that go on each line on the farm .Click here to access a blank; Form 1 120 and accompanying instructions*Form 1 120 , SchedulE M – 1 Line I40, 000b .Farm 1 120 , Schedule M – 1 , Line 1053:4, 000|C .Form 1 120 , Page 1 , Line 2}$2, 000d .Farm 1 120 , Schedule [ , Line 21/ 2)10, 000Form 1 120 , Schedule [ , Line 21 5)E .Farm 1120 , Schedule [ , Line 24Form 1 120 , Page 1 , Line 29 b8,000Farm 1 120 , Page 1 , Line 303:4, 000|*" B