John Parsons $(123-45-6781)$ and George Smith $(123-45-6782)$ are $70\%$ and $30\%$ owners, respectivelf, of Fremium, Inc. $(11-1111120),$ a candy company located at $100516$th Street, Cut and Shoot, TX $77303.$ Premium's S election was made on lanuary $15,2014,$ is date of incorporation. The following information was taken from the company's $2023$ income statement:

$\backslash$table$[[$Interest Income,$ $100,000],[$Gross sales receipts,$2,410,000],[$Beginning inventory,$9,607],[$Direct labor,$(203,102)$

A comparative balance sheet appears below.

$\backslash$table$[[,$January $1,2023,$December $31,2023],[$Cash$,$$ $47,840,$$$?],[$Accounts receivable,$93,100,123,104],[$Inventories$,9,607,3,467],[$Prepaid expenses,$8,333,17,582],[$Building and equipment,$138,203,185,348],[$Accumulated depreciation,$(84,235),-(7)],[$Land$,2,000,2,000],[$Total assets,$$214,848,$$$844,422],[$Accounts payable,$ $42,500,$$ $72,300],[$Notes payable $($less than $1$ year$),4,500,2,100],[$Notes payable $($more than $1$ year$),26,700,24,300],[$Capital stock $(100$ shares outstanding$),30,000,30,000],[$Retained earnings,$$111,148,?],[$Total liabilities and capital,$$214,848,$$$844,422]]$

$\backslash$table$[[$Notes payable $(0$ess than $1$ year$),4,500,2,100],[$Notes payable $($mare than $1$ year$),26,700,24,300],[$Copital stock $(100$ shares outstanding$),30,000,30,000],[$Ketsined earnings,$$111,148,7],[$Total liabillies and captal,$$214,848,$$$500,422]]$

Premium's accesuling from provides the following addicional informabor:

Distributions to shareholders $($nat reported en form $1061-$DNV and made based on percentage of ownership$)$

Beginning halance, Aceumulabed adjustments acosone

Ordinary business incerte for cet

W$-2$ wages for Qeil:

UELA of qualified property

$8150/$A$60$

$111\mathrm{.}168$

$630,598$

$795\mathrm{.}245$

$1251000$

Required:

Complete the $2003$ Form $1120-5$ for Premiom, Inc, Addiconal Informanon $-$ Concination Statement, and Schedule K$-1$s for John Parsen and Georpe Smath, $560720$eh Street, Cut and Shook, TX $7703.$

If an ameunt bex deses not require an entry or the awawer lis zero, entior $"$Q$".$

Enter all amounts as positive numbers, unless etherwise instructive.

If required, round amounts to the nearest deflier.

Make reallatic assumptions about any misaling diata.