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Calculator Hint(s) Asgard Corp. provides the following information for 2019: Net income per books after tax) 350000 Federal income tax liability deducted per books 105000
Calculator Hint(s) Asgard Corp. provides the following information for 2019: Net income per books after tax) 350000 Federal income tax liability deducted per books 105000 Retained earnings at January 1, 2019 400000 Interest income from municipal general obligation bonds 25000 Cash dividends paid to shareholders 50000 Life insurance proceeds received on death of Asgard's president (Asgard was the owner and beneficiary of the policy) 125000 Excess of capital losses over capital gains for 2019 8000 Employee meals expenses reimbursed by Asgard 6000 MACRS depreciation for 2019 in excess of straight-line depreciation deducted per books 9000 Retained earnings at December 31, 2019 700000 Prepare Asgard's 2019 Form 1120, Schedule M-1 Reconciliation Income (Loss) per Books with Income per Return (see Page 12-38 of the textbook) by filling in the lines below (e.g., 1000). 350000 Line 1 X Line 2 Line 3 Line 5c Line 6 Line 7 Tax-exempt interest Line 7 Life insurance proceeds Line 8a Line 9 Line 10
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