1-22 Schedules M-1, M-2. P Corporation reports the following information for 2020: b. What are the nature and Net income per books.. Federal income taxes (accrued) Net capital loss Travel and meals (50% portion disallowed for FIT) Proceeds of life insurance on president Insurance premiums on life of president Tax-exempt interest... ACRS deductions in excess of straight-line depreciation used for book purposes Excess charitable contributions... Unappropriated retained earnings (beginning of 2019) Dividends paid during the year Complete Schedules M-1 and M-2 below. $125.730 10,500 3,600 300 75,000 1.250 3,500 1,400 520 200,000 23,500 Schedule M-1 Reconciliation of Income (Loss) per Books With Income per Return Note: The corporation may be required to file Schedule M-3. See instructions. 1 Net income (loss) per books. 7 Income recorded on books this year 2 Federal income tax per books not included on this return (itemize): 3 Excess of capital losses over capital gains Tax-exempt interest $ 4 Income subject to tax not recorded on books this year (itemize): 8 Deductions on this return not charged 5 Expenses recorded on books this year not against book income this year (itemize): deducted on this return (itemize): $ a Depreciation a Depreciation b Charitable contributions $ b Charitable contributions Travel and entertainment. $ 9 Add lines 7 and 8 6 Add lines 1 through 5 10 Income (page 1. line 28) --line 6 less line 9 Schedule M-2 Analysis of Unappropriated Retained Earnings per Books (Line 25, Schedule L) 1 Balance at beginning of year 5 Distributions: a Cash 2 Net income (loss) per books. b Stock 3 Other increases (temize): c Property 6 Other decreases (itemize): 7 Add lines 5 and 6. 4 Add lines 1, 2, and 3 8 Balance at end of year (ine 4 less Ine 7) Form 1120 2019)