Compute MV Corp.'s 2018 taxable income glven 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 16-6. 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 prior year of $10,000. Cash charitable contribution of $120,000. Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Reg 1 Reg 2 Compute MV Corp.'s 2018 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 500,000 Book-tax adjustments (Dr) Cr Taxable Income (Dr) Cr 500,000 Gross profit Other income: Dividend income Gross Income Expenses Business expenses other than DRD. CC, and NOL 100,000 600,000 100,000 600,000 (350.0001 (350.0001 Compute MV Corp.'s 2018 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 $ 500,000 Book-tax adjustments (or cr Income (Dr) or 500,000 100,000 600,000 100,000 600,000 (350,000) (100,000) (350,000) 0 100,000 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 Income before charitable tantribution, NOL, and DRD NOL carryover from prior year Taxable income for charitable contribution limitation purposes (modified taxable income) Charitable contributions Taxable income before DRD (450,000) (350,000) 150,000 (10,000) 250,000 (10,000) 240,000 (120,000) 96,000 (24,000) 216,000 (80,000) Dividends received deduction (DRD) 0 30,000 (80,000) $(90,000) $ $196,000 $ 136,000 Book/Taxable income MacBook Pro