5. l[fl-rover Corporation, an accrual basis C corp. repolted the following items of inco and expense for 2D11 [assume they are NUT eligible for the manufacturer's deduction]: IGross Prot US. Treasu Elill Interest Dividends Fteceived from 33% owned Domestic CorI. Lon ITerm Ca iItal lSlain Lon I-Term Ca Iital Loss Sala Ex Iense Net Increase to Allowance for Elad Debts for the ear Bad Debt-Write-Dfis MACRS De reciation Ex ense StralIht-Llne DeIreciation for Book IIuroses Charitable lEontributions to Salvation Arm He lvlan LifeInsurance Premiums lEither Deductible Ex eInses $1. "1.1 ul- I- I I j I I I _|I. ul- _|I. ul- Reguired: a] How much is Grover's taxable income? b] How much is Grover's beforetax boolr income? c} How much is Grover's tax liability for 2011 {ignoring estimated payments)? d] Does lSrover have any carryovers to other tax veers? e] Use Schedule M-'l to reconcile boolt income to taxable income. {HINT 1: lull-1 ends with taxable income EEFDRE the dividends received deduction]: {HINT 2: Assume that income tax expense per books = tax liabilitv computed based on ta income.)