FACTS Valerie Lawson and Clara Norman are the sole equal shareholders in the corporation of Lawson And Norman Enterprises, Inc. The corporation, which is a retail office supplies and stationery store, began its operations on January 2, 1985 (also date of incorporation). For Federal Income Tax purposes, the corporation is a calendar year taxpayer and uses the Accrual Method Of Accounting. Its Employer Identification Number is 76-1234567, address is 4369 Robbie Lane Houston, Texas 77026-3915, telephone number is (281) 479-8132, fax number is (281) 567-9024 and E-Mail address is "lawsonandnormanenterprises.com". The business activity code for the corporation is 453210. Valerie Lawson is the president of the corporation and its contact person for Federal Income Tax purposes and Clara Norman is the secretary and treasurer of the corporation. Both are full-time employees of the corporation devoting one hundred percent (100%) of their time to the business and each has an annual salary of $75,000. Valerie Lawson's social security number is 234- 56-7890 and her address is 8124 Annette Court Houston, Texas 77031-9475. Clara Norman has social security number of 890-12-3456 and her address is 2716 Nanette Drive Houston, Texas 77061-3459. FINANCIAL INFORMATION During the year of 2021, Lawson And Norman Enterprises, Inc. reported the following Income and Expenses (including necessary accruals) for Financial Accounting purposes: Gross Receipts Sales Returns And Allowances Purchases $1,482,000 109,000 510,000 Dividends Received From Stock (Not Qualified Dividends) Investments In Less Than twenty percent (20%) Owned United States (U.S.) Corporation Interest Income: Taxable Interest Tax-Exempt Interest 80,000 18,000 7,200 Salaries: Officers Other Employees Repairs And Maintenance 150,000 108,000 19,300 Rent Expense - Office 84,000 Rent Expense - Equipment 15,500 Payroll Taxes (Federal And State). 19,600 Interest Expense 25,200 Advertising Expense 33,500 Charitable Contributions (NONCASH) 48,000 Legal And Professional Fees 18,000 Depreciation Expense 50,000* Utilities Expense 27,100 Employee's Health Insurance Premiums 14,200 Meals For Clients 5,000 Officers' Life Insurance Premiums 14,600 **