Cramer Corporation, a calendar year, accrual basis corporation, reported $1.60 million of net income after tax on its 2018 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 $212,000. Cramer's book income included $22,000 of dividends received from a domestic corporation in which Cramer owns a 25 percent stock interest, and $10,000 of dividends from a domestic corporation in which Cramer owns a 5 percent stock interest. Cramer recognized $22,000 of capital losses this year and no capital gains. Cramer recorded $14,000 of book expense for meals and $16,000 of book expense for entertainment costs. Cramer's depreciation expense for book purposes totaled $412,000. MACRS depreciation was $475,000 a. Compute Cramer's federal taxable income and regular tax liability. b. Prepare a Schedule M-1, page 5, Form 1120, reconciling Cramer's book and taxable income Cramer Corporation, a calendar year, accrual basis corporation, reported $1.60 million of net income after tax on its 2018 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 $212,000. Cramer's book income included $22,000 of dividends received from a domestic corporation in which Cramer owns a 25 percent stock interest, and $10,000 of dividends from a domestic corporation in which Cramer owns a 5 percent stock interest. Cramer recognized $22,000 of capital losses this year and no capital gains. Cramer recorded $14,000 of book expense for meals and $16,000 of book expense for entertainment costs. Cramer's depreciation expense for book purposes totaled $412,000. MACRS depreciation was $475,000 a. Compute Cramer's federal taxable income and regular tax liability. b. Prepare a Schedule M-1, page 5, Form 1120, reconciling Cramer's book and taxable income