How do I complete Form M-2?

Comprehensive Problem 11-2 George Corporation is an S corporation started on January 1, 2020, with 50 shares owned by Trey Martin and 50 shares owned by Brianna Tabor. The corporation is located at 15620 McMullen Hwy sw, Cumberland, MD 21502 and has EIN 94-8888888. The corporation is not subject to any special taxes and no wages are included in cost of goods sold. The corporation's income statement for the year and the balance sheet at year-end are presented below. $320,000 20,000 340,000 (70,000) 270,000 The George Corporation Income Statement for the Year Ended December 31, 2020 Gross income from operations Qualified dividends recelved from a 15 percent-owned domestic corporation Total gross income Cost of goods sold Total income Other expenses: Compensation of officers $80,000 Salaries and wages 20,000 Bad debts (direct charge-offs) 9,000 Repairs 3,000 Depreciation for book (tax depreciation - $90,000 10.000 Advertising 3,000 Payroll taxes 15,000 Total other expenses (140,000) Net income $130,000 The George Corporation Balance Sheet as of December 31, 2020 Assets: Cash $109,000 Accounts receivable 20,000 Inventory (at cost) 70,000 Other assets Equipment 40,000 90,000 (10,000) Less: accumulated depreciation $319,000 Total assets Liabilities and owners' equity: $24,000 Accounts payable 85,000 Note payable (due in 10 years) 80,000 Common stock 130,000 Retained earnings $319,000 Total liabilities and owners' equity