Premium's accounting firm provides the following additional information.

Required:

Prepare Premium's Form $1120$S$,$ Additional Information $-$ Continuation Statement, and Schedule K$-1$s for John Parsons and George Smith,

$560720$th Street, Cut and Shoot, TX $77303.$

If an amount box does not require an entry or the answer is zero, enter $"0".$

Enter all amounts as positive numbers, unless otherwise instructed.

If required, round amounts to the nearest dollar.

Make realistic assumptions about any missing data. Statement A$-$QBI Pass$-$through Entity Reporting

Complete Statement A$-$QBI Pass$-$through Entity Reporting $($Schedule K$-1,$ Box $17,$ Code V$)$ for Premium, Inc.

Statement A$-$QBI Pass$-$through Entity Reporting $($Schedule K$-1,$ Box $17,$ Code V$)$

QBI or qualified PTP items subject to partner$-$specific determinations: $\backslash$table$[[$Partner$\text{'}$s share of:$,,\backslash$table$[[\backslash$table$[[$ Aggregated$],[$ SSTB$]]]],\backslash$table$[[\backslash$table$[[$ Aggregated$],[$ SSTB$]]]],\backslash$table$[[\backslash$table$[[$ Aggregated$],[$ SSTB$]]]]],[$QBI or qualified PTP items subject to partner$-$specific determinations:$],[,$Drdinary business income $($loss$),,,],[,$Rental income $($loss$).........,,,],[,$Royalty income $($loss$)........,,,],[,$Section $1231$ gain $($loss$)......,,,],[,$Dther income $($loss$)..........,,,],[,$Section $179$ deduction. $.......,,,],[,$Dther deductions. $...........,,,],[$W$-2$ wages $.......................],[\backslash$table$[[$UBIA of qualified$]],\backslash$table$[[$property$.]],,,]]$

Shareholder $1$

BAA For Paperwork Reduction Act Notice, see the Instructions for Form $1120-$S$.$

Statement A $($Form $1120-$S$)2021$

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T Check My Work

Incorrect

chedule K$-1$ for George Smith

repare the Schedule K$-1$ for George Smith.

f required, round amounts to the nearest dollar.

Iote:

ox $12$: Code A is is to report cash charitable contributions.

ox $16$: Code $C$ is used to report nondeductible expenses, and Code $D$ is used to report distributions not reported on Form $1099-$DIV.

ox $17$: Code $A$ is used to report Investment income, Code AC is used to report gross receipts for Section $448($c$)$ purposes.

lox $17$: Code $V$ is used to report information required for the QBI deduction. You are not required to provide a statement of the QBI items.

$671120$Instructions

Note: This problem is for the $2021$ tax year.

John Parsons $(123-45-6781)$ and George Smith $(123-45-6782)$ are $70\%$ and $30\%$ owners, respectively, of Premium, Inc. $(11-1111120),$ a

candy company located at $100516$th 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 $2021$ income statement.

A comparative balance sheet appears below.