Cramer Corporation, a calendar year, accrual basis corporation, reported $1.25 million of net income after tax on its 2020 financial statements prepared in accordance with GAAP. The corporation's books and records reveal the following information: Cramer's federal income tax expense per books was $205,000 Cramer's book income included $15,000 of dividends received from a domestic corporation in which Cramer owns a 25 percent stock interest, and $6,500 of dividends from a domestic corporation in which Cramer owns a 5 percent stock interest. Cramer recognized $15,000 of capital losses this year and no capital gains. Cramer recorded $10,600 of book expense for meals and $12,500 of book expense for entertainment costs. Cramer's depreciation expense for book purposes totaled $405,000. MACRS depreciation was $475,000. Required: a. Compute Cramer's federal taxable income and regular tax liability b. Prepare a Schedule M-1, page 6, Form 1120, reconciling Cramer's book and taxable income. Complete this question by entering your answers in the tabs below. Required A Required B Compute Cramer's federal taxable income and regular tax liability. (Enter your answers in whole dollars not in millions Amount Taxable income Tax liability Required A Required B >