Check my work Micro, an accrual basis corporation, reported $528,100 net income before tax on les financial statements prepared in accordance with GAAP Micro's records reveal the following Information: Micro paid $29.600 in legal fees and $52,000 to a former employee to settle clolm of sexual harassment. To avoid negative publicity Micro insisted that the settlement include a confidentiality agreement - Lote in the year, Micro entered into a five-year licensing agreement with an unrelated frm. The agreement entities the femto Micro trade name in marketing its own product. In return, the film will pay Micro an annual royalty of 1 percent of gross revenues from sales of the product. The firm peld a $86,000 advanced royalty to Micro on the day the agreement was finalized. For financial statement purposes, this prepayment was credited to an unearned revenue account In December of the current year, Micro received a $9,600 advance payment on rental income from a tenant to whom Micro sublets some of its unused office space. The payment relates to use of the rented space in January and February of the coming year. For financial accounting purposes, this prepayment was credited to an unearned revenge account . At its final meeting for the year, Micro's board of directors authorized 8 $17,800 salary bonus for the corporation's president to reward him for an outstanding performance, Micro paid the bonus on January 12, The president doesn't own enough Microstock to make him a related party for federal tax purposes Micro was incorporated last year. On its first tax return, it reported a $23.700 net operating los Micro follows a calendar year. Required: Compute Micro's taxable income. (Amounts to be deducted should be indicated with a minus sign) Amount Micro's not book income before tax Required: Compute Micro's taxable income. (Amounts to be deducted should be Indicated with a minus sign.) Amount Micro's net book income before tax Sexual harassment settlement and legal fees Prepaid royalty income Prepaid rental income Accrued bonus expense NOL carryforward deduction Micro's taxable income