Can you answer this in 45 mins.

SCHEDULE M-1 RECONCILIATION For the current tax year, Min Corporation, an Accrual Basis calendar year corporation, had the following information: Net Income Per Books (after-tax) $252,550 Premiums On Life Insurance Policy On Its Key Employees 7,000 Excess Capital Losses 5,000 Excess Book Depreciation 3,000 (Financial Accounting (Book) Depreciation in excess of MACRS Depreciation) Life Insurance Proceeds On Life Of Its Key Employees 160,000 Rental Income Received In Current Tax Year 40,000 ($10,000 Is Prepaid (Unearned Revenue) And Relates To Next Tax Year) Tax-Exempt Interest Income On Municipal Bonds 8,000 Expenses Related To Tax-Exempt Interest Income 15,000 Prepaid Rent (Unearned Revenue) Received And Properly Taxed In Prior Tax Year But Not Earned For Financial Accounting 60,000 Purposes Until Current Tax Year Federal Income Tax liability For Current Tax Year 15,450 REQUIRED: In the space provided below, using the Schedule M-1 format, determine the Taxable Income for Min Corporation for the current tax year. (Show computations)