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Can someone help me fill this out correctly in its entirety? Timpanogos Incorporated is an accrual-method, calendar-year corporation. For 2022, it reported financial statement income
Can someone help me fill this out correctly in its entirety?
Timpanogos Incorporated is an accrual-method, calendar-year corporation. For 2022, it reported financial statement income after taxes of $1,436,850. Timpanogos provided the following information relating to its 2022 activities: 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 2022 Rental income payments received in 2021 but earned in 2022 Rental income payments received in 2022 but not earned by year-end Tax depreciation Book Depreciation Net capital loss Federal income tax expense for books in 2022 $214,000 2,140,000 22,400 192,600 321,000 42,800 48,150 16,400 10,700 32,100 58,500 26,400 44,800 331,700 Timpanogos Incorporated is an accrual-method, calendar-year corporation. For 2022, it reported financial statement income after taxes of $1,436,850. Timpanogos provided the following information relating to its 2022 activities: 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 2022 Rental income payments received in 2021 but earned in 2022 Rental income payments received in 2022 but not earned by year-end Tax depreciation Book Depreciation Net capital loss Federal income tax expense for books in 2022 $214,000 2,140,000 22,400 192,600 321,000 42,800 48,150 16,400 10,700 32,100 58,500 26,400 44,800 331,700Step by Step Solution
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