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: $2,526,103

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 attatched spreadsheet, prepare the corporations Schedule M-1 reconciliation from book income to taxable income.