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 Exhibit 16- # Gross profit from inventory sales of $500,000 (no book-tax differences). 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 Compute MV Corporation's 2021 taxable income given the following information relating to its year 1 activities. (Negative amounts should be indicated by a minus sign. Leave no answer blank. Enter zero if applicable.) Description Book Income (Dr) Cr Book-tax Book-tax adjustments adjustments (Dr) Cr Taxable income (Dr) Cr 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 Income before charitable contribution, NOL and DRD NOL carryover from prior year Taxable income for charitable contribution limitation purposes (modified taxable income) Charitable contributions Taxable income before DRD Dividends received deduction (DRD) Book/Taxable income