Wood Corporation was a C corporation in 2021 but elected to be taxed as an S corporation in 2022. At the end of 2021, its earnings and profits were $20,500. The following table reports Wood Corporation's (taxable) income for 2022 (its first year as an S corporation). Wood Corporation Income Statement December 31, 2022 Sales revenue $ 200,000 Cost of goods sold (45,000) Salary to owners (80,000) Employee wages (66,000) Depreciation expense (8,000) Miscellaneous expenses (8,000) Interest income 14,000 Qualified dividend income 4,000 Overall net income $ 11,000 What is Wood Corporation's excess net passive income tax for 2022?

Comprehensive Colt Company reports pretax financial income of 143,000 in 2019. In addition to pretax income from continuing operations (of which revenues are 295,000), the following items are included in this pretax income: Colts taxable income totals 93,000 in 2019. The difference between the pretax financial income and the taxable income is due to the excess of tax depreciation over financial depreciation on assets used in continuing operations. At the beginning of 2019, Colt had a retained earnings balance of 310.000 and a deferred tax liability of 8,100. During 2019, Colt declared and paid dividends of 48,000. It is subject to tax rates of 15% on the first 50,000 of income and 30% on income in excess of 50,000. Based on proper interperiod tax allocation procedures, Colt has determined that its 2019 ending deferred tax liability is 14,100. Required: 1. Prepare a schedule for Colt to allocate the total 2019 income tax expense to the various components of pretax income. 2. Prepare Colts income tax journal entry at the end of 2019. 3. Prepare Colts 2019 income statement. 4. Prepare Colts 2019 statement of retained earnings. 5. Show the related income tax disclosures on Colts December 31, 2019, balance sheet.