37. LO.9 Emerald Corporation, a calendar year and accrual method tax- payer, provides the following information and asks you to prepare Schedule M-1 for 2021: 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 corporate president 150,000 Interest on loan to purchase tax-exempt bonds Excess of capital losses over capital gains Premiums paid on life insurance policy on life of Emerald's president 1,500 6,000 7,800