Note: This problem is for the 2019 tax year. John Parsons (123-45-6781) and George Smith (123-45-6782) are 70% and 30% owners, respectively, of Premium, Inc. (11-1111120), a candy company located at 1005 16th Street, Cut and Shoot, TX 77303. Premium's S election was made on January 15, 2012, its date of incorporation. The following information was taken from the company's 2019 income statement. Interest income Gross sales receipts Beginning inventory Direct labor Direct materials purchased Direct other costs Ending inventory Salaries and wages $ 100,000 2,410,000 9,607 (203,102) (278,143) (249,356) 3,467 (442,103) Officers' salaries ($75,000 each to Parsons and Smith) (150,000)