1. Bricksburg Inc., a calendar year C-Corporation, and accrual method taxpayer provides the following information to you and asks you to prepare a Schedule M-1. Complete the assignment using the actual Schedule M-1 form (for 1120 C-Corporation). You can obtain this schedule at www.irs.gov or in your book, Appendix B Form 1120. You should use the excel file (journal entries) to determine the M-1 adjustments. The excel file should be turned in with the homework. Bricksburgs EIN is 34-9999999 (4 points)

Net Income per Book: $333,333

Tax Exempt Interest Income: $800

Federal Income Tax Paid: $60,000

Life Insurance proceeds: $45,000 (received upon death of key employee the President)

Tax Depreciation $250,000 depreciation taken on the tax return (MACRS+Sec 179)

Book Depreciation $25,000 depreciation taken for book (financial statement)

Total business meals expense $5,000