0.6Emerald Corporation, a calendar year and accrual method taxpayer, provides the ollowing information and asks you to prepare Schedule M-1 for 2023:\ Net income per books (after-tax)\

$268,200

\ Federal income tax per books\ 31,500\ Tax-exempt interest income\ 15,000\ Life insurance proceeds received as a result of death of 150,000 corporate president\ Interest on loan to purchase tax-exempt bonds\ 1,500\ Excess of capital loss over capital gains\

6,000

\ Premiums paid on life insurance policy on life of Emerald's\ 7,800\ president