100 points 1 Skipped eBook Compute MV Corporation's 2022 taxable income given the following information relating to its year 1 activities. Also, compute MV's Schedule M-1 assuming that MV's federal income tax expense for book purposes is $100,000. Use Exhibit 16-7. Required: Gross profit from inventory sales of $500,000 (no book-tax differences). Dividends MV received from 25 percent-owned corporation of $100,000 (assume this is also MV's pro rata share of the distributing corporation's earnings). Expenses other than DRD, charitable contribution (CC), and net operating loss (NOL) are $350,000 (no book-tax differences). NOL carryover from 2021 of $10,000. Cash charitable contribution of $120,000. Complete this question by entering your answers in the tabs below. Print References Required A Required B Compute MV Corporation's 2022 taxable income given the following information relating to its year 1 activities. Note: Negative amounts should be indicated by a minus sign. Leave no answer blank. Enter zero if applicable. Description Gross profit Other income: Dividend income Groes Income Expenses: Business expenses other than DRD, CC, and NOL Federal income tax expense Total expenses before charitable contribution, NOL, and DRD Income before charitable contribution, NOL, and DRD NOL carryover from prior year Taxable income for charitable contribution limitation purposes (modified taxable income) Charitable contributions Taxable income before DRD Dividends received deduction (DRD) Back/Taxable income Book Income (Dr) Cr Book-tax Book-tax adjustments adjustments (Dr) Cr Taxable Income (Dr) Cr S 0 S 0 D S 0 S 0 S 0 S 0 S 0 S 0 Check my work EXHIBIT 16-7 Stock Ownership and Dividends-Received Deduction Percentage Receiving Corporation's Stock Ownership in Distributing Corporation's Stock Less than 20 percent At least 20 percent but less than 80 percent 80 percent or more 19 Dividends-Received Deduction Percentage 50% 65 100