n november 1, 2010, janet morton and kim wong formed pet kingdom, inc., to sell pets and pet supplies. pertinent information regarding pet kingdom is summarized as follows: pet kingdom's business address is 1010 northwest parkway, dallas, tx 75225; its telephone number is (214) 555-2211;removedcad10a33911fff3930138a741155f5c76b83c711f9c51e525fb5c5864d72f7d4removed. the employer identification number is 11-1111112, and the principal business activity code is 453910. janet and kim each own 50% of the common stock; janet is president and kim is vice president of the company. no other class of stock is authorized. both janet and kim are full-time employees of pet kingdom. janet's social security number is 123-45-6788, and kim's social security number is 123-45-6787. pet kingdom is an accrual method, calendar year taxpayer. inventories are determined using fifo and the lower of cost or market method. pet kingdom uses the straight-line method of depreciation for book purposes and accelerated depreciation (macrs) for tax purposes. during 2021, the corporation distributed cash dividends of $250,000. pet kingdom's financial statements for 2021 are shown below.