Use the financial data below to complete Form 1120. Show your income tax calculations.

Use the financial data below to complete Form 1120.

Show your income tax calculations.

BADEC Corporation

12/31/2016

Assets

Cash

$485,600

Computer

$7,000

AccDep-Computer

$(1,745)

Furniture

$3,000

AccDep-Furniture

$(321)

Land

$50,000

Total Assets

$543,534

Liabilities

Equity

Retained Earnings

$53,534

Stock-Anderson

$50,000

Stock-Bacon

$150,000

Stock-Cox

$100,000

Stock-Day

$50,000

Stock-Elders

$40,000

Stock-Fawcett

$80,000

Stock-Gonzalez

$20,000

Total Liabilities plus Equity

$543,534

Book Info

Entity Type:PartnershipSub-Entity Type:GeneralEntity Name:BADECState of FormationGeorgiaEntity Start Date4/2/2016Tax Year Start Date:4/2/2016Tax Year End Date:12/31/2016Book Maintained By:Andrew AndersonAddress:10 Sysco Way Atlanta, GA 30039Purpose of EntityAcquire, rehabilitate and resale residential real property.Allocation of Separately Stated Items (per Partnership Agreement)ItemInvestorPercentageInterest Income..Contributions..Contributions..Net Long-term Capital Gains (Losses)..Net Short-term Capital Gains (Losses)..Interest Income..Qualified Dividends..Unqualified Dividends..Real Estate/Housing Credits..Tax Exempt Interest Income Items..Tax Exempt Interest Income Items..

Investor Info

First NameLast NameSSNAddressCityStateZipPartner InformationAndrewAnderson756-12-111110 Sysco WayAtlantaGA30039GeneralBillBacon756-12-222220 Sysco WayAtlantaGA30039GeneralCathyCox756-12-333330 Sysco WayAtlantaGA30039GeneralDorisDay756-12-444440 Sysco WayAtlantaGA30039GeneralElroyElders756-12-555550 Sysco WayAtlantaGA30039GeneralFarahFawcett756-12-666660 Sysco WayAtlantaGA30039GeneralGomezGonzalez756-12-777770 Sysco WayAtlantaGA30039General

Contributions

InvestorContribution DateContribution 1Contribution 2Contribution 3Contribution 4Net ContributionsPartnership InterestFirst NameLast NameSSNItemValueItemValueItemValueItemValueAndrewAnderson756-12-11114/2/2016Cash$50,000$50,00010%BillBacon756-12-22224/2/2016Cash$150,000$150,00031%CathyCox756-12-33334/2/2016Cash$100,000$100,00020%DorisDay756-12-44444/2/2016Cash$50,000$50,00010%ElroyElders756-12-55554/2/2016Cash$40,000$40,0008%FarahFawcett756-12-66664/2/2016Cash$30,000Land$50,000$80,00016%GomezGonzalez756-12-77774/2/2016Cash$10,000Computer$7,000Furniture$3,000$20,0004%100%BADEC PartnershipBalance Sheet4/2/2016AssetsCash$       430,000.0Computer            7,000.00Furniture            3,000.00Land          50,000.00  Total Assets$     490,000.00LiabilitiesTotal Liabilities$                     -  Partners EquityCapital-Anderson$       50,000.00Capital-Bacon        150,000.00Capital-Cox        100,000.00Capital-Day          50,000.00Capital-Elders          40,000.00Capital-Fawcett          80,000.00Capital-Gonzalez          20,000.00  Total Liabilities and Partners Equity$     490,000.00

Income Statement

Gross IncomeRepair Revenue$100,000.00Interest Income                600.00Dividends (Qualified)            2,000.00Net Short-term Capital Gain            5,000.00Total Income from all sources$107,600.00ExpensesGuaranteed payments$10,000.00Renovation Expense            5,500.00Rent            1,500.00Depreciaton expense            2,065.75Licenses                500.00Travel Expenses                800.00Supplies Expenses                700.00Net Long-term Capital Loss          10,000.00Charitable Contributions            5,000.00Total Expenses$36,065.75Net Income$71,534.25Badec PartnershipStatement of Change in Partners EquityFor Period Ending 12/31/2016Begin. Bal.ContributionsWithdrawalsAllocationsDistributionsEnding Bal.Capital-Anderson$       50,000.00$                    -Capital-Bacon        150,000.00                     -  Capital-Cox        100,000.00                     -  Capital-Day          50,000.00                     -  Capital-Elders          40,000.00      5,000.00                     -  Capital-Fawcett          80,000.00      6,000.00                     -  Capital-Gonzalez          20,000.00      7,000.00                     -  

Ending Balance Sheet

BADEC PartnershipBalance Sheet12/31/2016AssetsCash$     485,600.00Computer            7,000.00AccDep-Computer           (1,745.21)Furniture            3,000.00AccDep-Furniture              (320.55)Land          50,000.00  Total Assets$     543,534.25LiabilitiesTotal Liabilities$                       -Partners EquityCapital-Anderson$       57,299.41Capital-Bacon        171,898.24Capital-Cox        114,598.83Capital-Day          57,299.41Capital-Elders          40,839.53Capital-Fawcett          85,679.06Capital-Gonzalez          15,919.77  Total Liabilities and Partners Equity$     543,534.25