On November $1,2012,$ Janet Morton and Kim Wong formed Pet Kingdom, Inc., to sell pets and pet supplies. Pertinent information regarding Pet Kingdom is summarized as follows:

Pet Kingdom's business address is $1010$ Northwest Parkway, Dallas, TX $75225$; its telephone number is $(214)555-2211$; and its e$-$mail address is petkingdom@pki.com.

The employer identification number is $11-1111112,$ and the principal business activity code is $453910.$

Janet and Kim each own $50\%$ of the common stock; Janet is president and Kim is vice president of the company. No other class of stock is authorized.

Both Janet and Kim are full$-$time employees of Pet Kingdom. Janet's Social Security number is $123-45-6788,$ and Kim's Social Security number is $123-45-6787.$

Pet Kingdom is an accrual method, calendar year taxpayer. Inventories are determined using FIFO and the lower of cost or market method. Pet Kingdom uses the straight$-$line method of depreciation for book purposes and accelerated depreciation $($MACRS$)$ for tax purposes.

During $2023,$ the corporation distributed cash dividends of $$250,000.$

The corporation did not own or use any digital assets during the year.