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5. Smith Corporation, a calendar year, accrual basis taxpayer, provides the following information for the current year and asks you to prepare Schedule M-1. Book
5. Smith Corporation, a calendar year, accrual basis taxpayer, provides the following information for the current year and asks you to prepare Schedule M-1. Book income after taxes Federal income tax expense Book depreciation MACRS tax depreciation Estimated bad debt expense per books Bad debts written off for taxes $553,000 147,000 90,000 80,000 10,000 18,000 3,000 52,000 6,000 9,000 Entertainment expense Organizational expense per books Organizational expense for taxes Political Contributions 5. Smith Corporation, a calendar year, accrual basis taxpayer, provides the following information for the current year and asks you to prepare Schedule M-1. Book income after taxes Federal income tax expense Book depreciation MACRS tax depreciation Estimated bad debt expense per books Bad debts written off for taxes $553,000 147,000 90,000 80,000 10,000 18,000 3,000 52,000 6,000 9,000 Entertainment expense Organizational expense per books Organizational expense for taxes Political Contributions
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