Compute MV Corp. 2019 taxable income given the following info relating to its year 1 activities. Also, compute MVs Schedule M-1 assuming that MVs federal income tax expense for book purposes is $100,000.

• Gross profit from inventory sales of $500,000 (no booktax differences)
• Dividends MV received from 25 percent-owned corporation of $100,000 (assume this is also MVs pro rata share of the distributing corporations earnings).
• Expenses other than DRD, charitable contribution, and net operating loss (NOL), are $350,000 (no booktax differences).
• NOL carryover from 2018 of $10,000.
• Cash charitable contribution of $120,000.

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

HELLO, ABOVE I HAVE COMPLETED WHAT I COULD FIGURE OUT. HOWEVER, IT IS STILL SAYING MY ANSWER IS NOT COMPLETED. ANY HELP WOULD BE APPRECIATED THANK YOU!!!!!!

Compute MV Corp.'s 2019 taxable income given the following information relating to its year 1 activities. (Negative amou be indicated by a minus sign. Leave no answer blank. Enter zero if applicable.) Description Book Income (Dr) Cr 500,000 Book-tax adjustments (Dr) Cr Taxable Income (Dr) Cr 500,000 $ 100,000 600,000 100,000 600,000 $ $ Gross profit Other income: Dividend income Gross Income Expenses: Business expenses other than DRD, CC, and NOL Federal income tax expense Total expenses before charitable contribution, NOL, and DRD (350,000) (350,000) (100,000) 100,000 (450,000) (350,000) $ 150,000 Income before charitable contribution, NOL, and DRD NOL carryover from prior year 250,000 (10,000) (10,000) $ 240,000 Taxable income for charitable contribution limitation purposes (modified taxable income) Charitable contributions (120,000) 96,000 $ Taxable income before DRD Dividends received deduction (DRD) Book/Taxable income (24,000) 216,000 (65,000) 151,000 (65,000) $175,000) $ 30,000 $196,000 $