Comprehensive Problem 16-64 (LO 16-1, LO 16-2, LO 16-3) (Algo) Timpanogos Incorporated is an accrual-method, calendar-year corporation. For 2021, it reported financial statement income after taxes of $1,543,300. Timpanogos provided the following information relating to its 2021 activities: Life insurance proceeds as a result of CEOs death $ 230,000 Revenue from sales (for both book and tax purposes) 2,300,000 Premiums paid on the key-person life insurance policies. The policies have no cash surrender value. 24,150 Qualified charitable contributions 207,000 Cost of goods sold for book and tax purposes 345,000 Interest income on tax-exempt bonds 46,000 Interest paid on loan obtained to purchase tax-exempt bonds 51,750 Rental income payments received and earned in 2021 17,250 Rental income payments received in 2020 but earned in 2021 11,500 Rental income payments received in 2021 but not earned by year-end 34,500 Tax depreciation 63,250 Book Depreciation 28,750 Net capital loss 48,300 Federal income tax expense for books in 2021 356,500 Required: Reconcile book income to taxable income for Timpanogos Incorporated. Be sure to start with book income and identify all of the adjustments necessary to arrive at taxable income. Identify each book-tax difference as either permanent (P) or temporary (T). Complete Schedule M-1 for Timpanogos. Compute Timpanogos Incorporateds tax liability for 2021. Complete this question by entering your answers in the tabs below. Req A and BSchedule M1Req D Reconcile book income to taxable income for Timpanogos Incorporated. Be sure to start with book income and identify all of the adjustments necessary to arrive at taxable income. Identify each book-tax difference as either permanent (P) or temporary (T). (Negative amounts should be indicated by a minus sign. Leave no answer blank. Enter zero if applicable.)