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John Parsons (123-45-6781) and George Smith (123-45-6782) are 70% and 30% owners, respectively, of Premium, Inc. (11-1111111), 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. Premium's book income for the year was $704,574. Interest income Gross sales receipts Beginning inventory Direct labor Direct materials purchased Direct other costs Ending inventory Salaries and wages Officers' salaries ($75,000 each to Parsons and Smith) Repairs Depreciation expense, tax and book Interest expense Rent expense (operating) Taxes Charitable contributions (cash) Advertising expenses Payroll penalties Other deductions A 2019 comparative balance sheet appears below. $100,000 2,410,000 9,607 (203,102) (278,143) (249,356) 3,467 (442,103) (150,000) (206,106) (15,254) (35,222) (40,000) (65,101) (20,000) (20,000) (15,000) (59,899) John Parsons (123-45-6781) and George Smith (123-45-6782) are 70% and 30% owners, respectively, of Premium, Inc. (11-1111111), 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. Premium's book income for the year was $704,574. Interest income Gross sales receipts Beginning inventory Direct labor Direct materials purchased Direct other costs Ending inventory Salaries and wages Officers' salaries ($75,000 each to Parsons and Smith) Repairs Depreciation expense, tax and book Interest expense Rent expense (operating) Taxes Charitable contributions (cash) Advertising expenses Payroll penalties Other deductions A 2019 comparative balance sheet appears below. $100,000 2,410,000 9,607 (203,102) (278,143) (249,356) 3,467 (442,103) (150,000) (206,106) (15,254) (35,222) (40,000) (65,101) (20,000) (20,000) (15,000) (59,899)