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Complete Schedule M-1 for each of the following cases: Corporate financial statement: net income of $55,250 including tax expense of $16,300, charitable contributions of $3,000,
Complete Schedule M-1 for each of the following cases:
- Corporate financial statement: net income of $55,250 including tax expense of $16,300, charitable contributions of $3,000, and depreciation expense of $38,950. Depreciation expense for tax purposes is $48,080.
- Corporate financial statement: net income of $144,200 including tax expense of $69,950, charitable contributions of $28,000, depreciation expense of $106,250, and meals expenses of $32,300. Depreciation expense for tax purposes is $148,900.
- Corporate financial statement: net income of $231,850 including tax expense of $113,340, charitable contributions of $16,000, municipal bond interest of $20,690, meals expenses of $44,900, capital gains of $6,650, and depreciation expense of $146,550. Depreciation expense for tax purposes is $134,250, and the corporation has a $7,455 charitable contribution carryforward for the current year.
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