On January 1, 2020, Fenway Enterprises, Inc., was formed to manufacture and sell Baseball Cards. In the current year 2022, the went Public and now is listed on the NASDAQ (Ticker Symbol FEIC) is summarized as follows: Fenway Enterprises, Inc.s business address is 1010 Irvine Blvd., Tustin CA 92782; its telephone number is (714) 505-2222. The employer identification number is 11-1111112, and the principal business activity code is 423910. Timothy Fenway and Michael Fenway each owned 10% of the common stock; Timothy is President and CEO, and Michael is COO of the company. Ryan Norway is the CFO and does not hold any shares. All the officers are full-time employees of Fenway Enterprises, Inc. Timothys Social Security number is 123-45-6788, Michaels Social Security number is 123-45-6787 and Ryans Social Security Number is 123-95-7894. The Company sold XXX Company stock at 12/31/2022 that was purchased on 1/02/2022 with IPO proceeds. They purchased 1,000 shares @ 130 per share and sold it @ $230 per share. The Company also has worthless stock in their portfolio. Trek Enterprises a private company that was purchased for $350,000 on January 1, 2022, and the Company filed for bankruptcy on September 30, 2022. Fenway Enterprises, Inc. is an accrual method, calendar year taxpayer. Inventories are determined using FIFO and the lower of cost or market method. No inventory reserves were recorded at 12/31/2022. Fenway Enterprises, Inc. uses the straight-line method of depreciation for book purposes and accelerated depreciation (MACRS) but elected straight line for tax purposes. For 2021, first year of operations the Company claimed tax depreciation same as the amount for book purposes. During 2022, the corporation distributed a total of $800,000 of dividends to all shareholders during 2022. Fenway Enterprises, Inc.s GAAP redacted summarized audited public financial statements for 2022 are shown in a separate file. For 2022, the Company claimed deprecation on its Office Equipment for tax purposes for 2022 as noted in the facts in the separate file. You are provided enough detailed data to complete a Form 4562. The current year additions are $500,000 was claimed. No book tax differences in depreciation existed at 12/31/2021. Fenway Enterprises, Inc. made all payments of $10,500,000 on January 15, 2023. Ignore any estimated tax penalties.Prepare a Federal Tax Provision and related tax accounts for financial statement purposes using excel model provided. DO NOT prepare any state tax income tax amounts. You will need to compute income tax expense both current and deferred, federal taxes payable and deferred tax assets or liability. You will need to record the tax accounts to close the financial statements. Please provide the journal entities. The tax return taxable income will be the same as the tax provision amounts. Thus, no return to provision differences will exist. You will need to prepare Form 1120 for federal tax purposes for Fenway Enterprises, Inc. for tax year 2022. DO NOT prepare any state tax returns. The return should include the 1120 and related statements/schedules/forms and forms 1125-A, 1125-E, Schedule D and form 4562. Prepare Schedule M-1. DO NOT PREPARE Schedule M-3 even though that would be required