Comprehensive Problem 05-62 (LO 05-1, LO 05-2, LO 05-3) (Static) Compute MV Corporation's 2021 taxable income given the following information relating to its year 1 activities. Also, compute MV's Schedule M-1 assuming that MV's federal income tax expense for book purposes is $100.000 Use Exhibr 16-6. Gross profit from inventory sales of $500,000 (no book-tax civerences) Dividends MV received from 25 percent owned corporation of $100.000 (assume this is also MV's pro rata share of the distributing corporation's earnings) Expenses other than DRD, charitable contribution (CC), and net operating loss (NOL) are $350,000 (no book-tax differences) NOL carryover from 2020 of $10,000 Cash charitable contribution of $120,000. Assume the charitable donation is a qualified charitable contribution Complete this question by entering your answers in the tabs below. Reg 1 Reg 2 Compute MU's Schedule M-1 assuming that MV's federal income tax expense for book purposes is $100,000. (Enter all values as positive numbers.) Schedule M1: Reconciliation of income (Loss) por Books With income per Return 1. Net Income (los) per books 2. Federal income tax per books 3. Excess of capital tonnes over capital gains 4. Income subject to tax not recorded on books this year (itemize) 5. Expenses recorded on books this year not deducted on this return (itemize) a. Depreciation b. Charitable contributions c. Travel and entertainment 6. Total 7 Income recorded on books this yeat not included on this return itemize) Tax-exempt interest 8. Deductions on this return not charged against book income this year Otomize a Depreciation b. Charitable contributions 10 Income $ 0 0