Your final submission should include Form $1120$ and supporting Schedules $($B$,$ C$,$ L$,$ M$-1,$ and M$-2,$ as required$),$ in addition to Schedule D and Schedule G$.$ If you prepare your solution using software, your solution will include Forms $4562,4797,1125-A,$ and $1125-E,$ but these are NOT required to be submitted.

Alvin's Music Inc. $($AMI$)$ was formed in $2012$ by Alvin Jones and Theona Smith. Alvin and Theona officially incorporated their store on June $12,2013.$ AMI sells $($retail$)$ all kinds of musicrelated products including musical instruments, sheet music, CDs$,$ and DVDs$.$ Alvin owns $60$ percent of the outstanding common stock of AMI and Theona owns the remaining $40$ percent.

AMI is located at $355$ Music Way, East Palo Alto, California $94303.$

AMI's Employer Identification Number is $29-5748859.$

AMI's business activity is retail sales of music$-$related products. Its business activity code is $451140.$

Officers of the corporation are as follows:

Alvin is the chief executive officer and president $($Social Security number $123-456789).$

Theona is the executive vice president $($Social Security number $978-65-4321).$

Gwen Givens is the vice president over operations

Carlson Bannister is the secretary

All officers devote $100$ percent of their time to the business and all officers are U$.$S$.$ citizens.

Neither Gwen nor Carlson owns any stock in AMI.

AMI uses the accrual method of accounting and has a calendar year$-$end.

AMI made payments that require Form $1099$s$,$ and will file the Form $1099$s before the tax return is filed.

AMI made four equal estimated tax payments of $$43,000$ each. Its tax liability last year was $$175,000.$ If it has overpaid its federal tax liability, AMI would like to receive a refund.

AMI paid a dividend of $$80,000$ to its shareholders on December $1.$ AMI had sufficient earnings and profits $($E&P$)$ to cover the distribution.

The following is AMI's audited income statement for $2023$:

$\backslash$table$[[\backslash$table$[[$AMI Income Statement$],[$For year ending December $31,2023]]],[$Revenue from sales,$$3,420,000$