Cramer Corporation, a calendar year, accrual basis corporation, reported $2.00 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 . Cramers federal income tax expense per books was $220,000 Cramer's book Income included $30,000 of dividends received from a domestic corporation in which Cramer owns a 25 percent stock interest, and $14,000 of dividends from a domestic corporation in which Cramet owns a 5 percent stock interest . Cramer recognized $30,000 of capital losses this year and no capital gains . Cramer recorded $18,000 of book expense for meals and $20.000 of book expense for entertainment costs, Cromer's depreciation expense for book purposes totaled $420,000. MACRS depreciation was $475.000 Required: o. 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