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Dutchess Bosco, Inc. reports net income per the books amounting to $32.590,062. The corporation reports the following activity Unearned Revenue: $808,372 Life Insurance Proceeds $24.446,039
Dutchess Bosco, Inc. reports net income per the books amounting to $32.590,062. The corporation reports the following activity Unearned Revenue: $808,372 Life Insurance Proceeds $24.446,039 Depreciation deducted on the tax return: $5,241.450 Depreciation recorded on the books: 52,526,103 Excess Capital Losses: $170,035 Tax Exempt interest: $5,932,620 Charitable contributions recorded on the books: $220,365 Charitable contributions deducted on the tax return: $480,372 Bad Debts Expense recorded on the books: $495,771 Bad Debts Expense deducted on the tax return: $372,471 Federal Income Tax Expense: $6,957.004 Required: Using the attached spreadsheet prepare the corporation's Schedule M-1 reconciliation from book income to taxable income
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