25 1 points Check my work mode: This shows what is correct or incorrect for the work you have comp d. Compute Timpanogos Incorporated's tax liability. Answer is not complete. Complete this question by entering your answers in the tabs below. Required A and B Required C Required D Complete Schedule M-1 for Timpanogos. Note: Enter all values as positive numbers. Schedule M-1: Reconciliation of Income (Loss) per Books With Income per Return 1. Net income (loss) per books 2. Federal income tax per books 3. Excess of capital losses over capital gains 4. Income subject to tax not recorded on books this year (itemize): Rental income 5. Expenses recorded on books this year not deducted on this return (itemize): a. Depreciation b. Charitable contributions $ 1,558,800 359,600 48,400 30,000 0 c. Travel and entertainment Interest paid to obtain tax-exempt bonds Life insurance premiums 6. Total 7. Income recorded on books this year not included on this return (itemize): Tax-exempt interest Life insurance proceeds from CEO's death 8. Deductions on this return not charged against book income this year (itemize): a. Depreciation b. Charitable contributions Section 263A costs 9. Total 10. Income 52,200 24,200 2,073,200 $ 46,400 232,000 30,000 $ 308,400 $ 1,754,500 < Required A and B Required D > 25 1 points Taxes VI $1,500,000. panvyus provided the folOWITY INIONiation relating to its activities for the yeal. Life insurance proceeds as a result of CEO's death Revenue from sales (for both book and tax purposes) Premiums paid on the key-person life insurance policies. The policies have no cash surrender value. Charitable contributions Cost of goods sold for book and tax purposes Interest income on tax-exempt bonds Interest paid on loan obtained to purchase tax-exempt bonds Rental income payments received and earned in 2023 Rental income payments received in 2022 but earned in 2023 Rental income payments received in 2023 but not earned by year-end Tax depreciation Book Depreciation Net capital loss Federal income tax expense for books Required: $ 232,000 2,320,000 24,200 a. Reconcile book income to taxable income for Timpanogos Incorporated. Be sure to start with book income and identify all of the adjustments necessary to arrive at taxable income. b. Identify each book-tax difference as either permanent (P) or temporary (T). c. Complete Schedule M-1 for Timpanogos. d. Compute Timpanogos Incorporated's tax liability. 208,800 348,000 46,400 52,200 18,200 11,600 34,800 63,000 28,200 48,400 359,600 Answer is not complete. Complete this question by entering your answers in the tabs below. Required A and B Required C Required D Compute Timpanogos Incorporated's tax liability. Tax liability < Required C Required D >