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. Federal Statements

Complete Federal Statements for Premium, Inc.

$2021$

Federal Statements

Page $1$

Premium, Inc.

$11-1111120$

Statement $1$

Form $1120$S$,$ Line $19$

Other Deductions

Other Deductions $.........................................$

Statement $2$

Form $1120$S$,$ Schedule K$,$ Line $12$a

Charitable Contributions

Cash Contributions $-60\%$ Limitation

Statement $3$

Form $1120$S$,$ Schedule K$,$ Line $17$d

Other Items and Amounts

Gross Receipts for Section $448($c$)$

Statement $4$

Form $1120$S$,$ Schedule L$,$ Line $6$

Other Cirrent Asapts Statement $4$

Form $1120$S$,$ Schedule L$,$ Line $6$

Other Current Assets

Statement $5$

Form $1120$S$,$ Schedule M$-1,$ Line $3$

Expenses On Books Not On Schedule K

Statement $6$

Form $1120$S$,$ Schedule M$-2,$ Column A$,$ Line $3$

Other Additions

$5$

Total

$x2021$

Federal Statements

Page $2$

Premium, Inc.

Statement $7$

Form $1120$S$,$ Schedule M$-2,$ Column A$,$ Line $5$

Other Reductions

Statement $8$

Form $1125-$A$,$ Line $5$

Other Costs

Total

xInstructions

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.