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, 2009, its date of incorporation. The following information was taken from the company's 2015 income statement. Interest income $ 100,000 Gross sales receipts 2,410,000 Beginning inventory 9,607 Direct labor (203,102) Direct materials purchased (278,143) Direct other costs (249,356) Ending inventory 3,467 Salaries and wages (442,103) Officers' salaries ($75,000 each to Parsons and Smith) (150,000) Repairs (206,106) Depreciation expense, tax and book (15,254) Interest expense (35,222) Rent expense (operating) (40,000) Taxes (65,101) Charitable contributions (cash) (20,000) Advertising expenses (20,000) Payroll penalties (15,000) Other deductions (59,899) Book income 704,574 A comparative balance sheet appears below. Tax Return Problems Premium's accounting firm provides the following additional information. Distributions to shareholders $100,000 Beginning balance, Accumulated adjustments account $111,148 Using the preceding information, prepare a complete Form 1120S, 1125A, 1125E, and Schedule K1s for John Parsons and George Smith, 5607 20th Street, Cut and Shoot, TX 77303. Do not complete the Form 4562. If any information is missing, make realistic assumptions.

Please complete a K-1 for John Parsons