Complete Schedule M-1 for each of the following cases:

1. Corporate financial statement: net income of $52,250 including tax expense of $15,100, charitable contributions of $3,000, and depreciation expense of $37,150. Depreciation expense for tax purposes is $46,160.
2. Corporate financial statement: net income of $139,400 including tax expense of $68,150, charitable contributions of $28,000, depreciation expense of $103,250, and meals expenses of $31,100. Depreciation expense for tax purposes is $145,300.
3. Corporate financial statement: net income of $226,450 including tax expense of $111,180, charitable contributions of $16,000, municipal bond interest of $19,130, meals expenses of $41,300, capital gains of $6,050, and depreciation expense of $142,350. Depreciation expense for tax purposes is $131,250, and the corporation has a $7,035 charitable contribution carryforward for the current year.

Complete the question by entering your answers in the tabs below.

• Req a
• Req b
• Req c

Corporate financial statement: net income of $226,450 including tax expense of $111,180, charitable contributions of $16,000, municipal bond interest of $19,130, meals expenses of $41,300, capital gains of $6,050, and depreciation expense of $142,350. Depreciation expense for tax purposes is $131,250, and the corporation has a $7,035 charitable contribution carryforward for the current year. (Input all values as positive numbers.)

Schedule M-1	Reconciliation of Income (Loss) per Books With Income per Return
	Note: The corporation may be required to file Schedule M-3 (see instructions).
1 Net income (loss) per books					7 Income recorded on books this year not
2 Federal income tax per books					included on this return (itemize):
3 Excess of capital losses over capital gains					Tax-exempt interest
4 Income subject to tax not recorded on books this year (itemize):
					8 Deductions on this return not charged
5 Expenses recorded on books this year not deducted on this return (itemize):					against book income this year (itemize):
a Depreciation					a Depreciation
b Charitable contributions					b Charitable contrib.
c Travel and entertainment							0
				0	9 Add lines 7 and 8		0
6 Add lines 1 through 5				0	10 Income (page 1, line 28) - line 6 less line 9		0

Corporate financial statement: net income of $139,400 including tax expense of $68,150, charitable contributions of $28,000, depreciation expense of $103,250, and meals expenses of $31,100. Depreciation expense for tax purposes is $145,300. (Input all values as positive numbers.)

Schedule M-1	Reconciliation of Income (Loss) per Books With Income per Return
	Note: The corporation may be required to file Schedule M-3 (see instructions).
1 Net income (loss) per books					7 Income recorded on books this year not
2 Federal income tax per books					included on this return (itemize):
3 Excess of capital losses over capital gains					Tax-exempt interest
4 Income subject to tax not recorded on books this year (itemize):
					8 Deductions on this return not charged
5 Expenses recorded on books this year not deducted on this return (itemize):					against book income this year (itemize):
a Depreciation					a Depreciation
b Charitable contributions					b Charitable contrib.
c Travel and entertainment							0
				0	9 Add lines 7 and 8		0
6 Add lines 1 through 5				0	10 Income (page 1, line 28) - line 6 less line 9

entering your answers in the tabs below.

• Req a
• Req b
• Req c

Corporate financial statement: net income of $226,450 including tax expense of $111,180, charitable contributions of $16,000, municipal bond interest of $19,130, meals expenses of $41,300, capital gains of $6,050, and depreciation expense of $142,350. Depreciation expense for tax purposes is $131,250, and the corporation has a $7,035 charitable contribution carryforward for the current year. (Input all values as positive numbers.)

Schedule M-1	Reconciliation of Income (Loss) per Books With Income per Return
	Note: The corporation may be required to file Schedule M-3 (see instructions).
1 Net income (loss) per books					7 Income recorded on books this year not
2 Federal income tax per books					included on this return (itemize):
3 Excess of capital losses over capital gains					Tax-exempt interest
4 Income subject to tax not recorded on books this year (itemize):
					8 Deductions on this return not charged
5 Expenses recorded on books this year not deducted on this return (itemize):					against book income this year (itemize):
a Depreciation					a Depreciation
b Charitable contributions					b Charitable contrib.
c Travel and entertainment							0
				0	9 Add lines 7 and 8		0
6 Add lines 1 through 5				0	10 Income (page 1, line 28) - line 6 less line 9