EFG, a calendar year, accrual basis corporation, reported $479,900 net income after tax on its financial statements prepared in accordance with GAAP. The corporation's financial records reveal the following information: EFG earned $10,700 on an investment in tax-exempt municipal bonds. EFG's allowance for bad debts as of January 1 was $21,000. Write-offs for the year totaled $4,400, while the addition to the allowance was $3,700. The allowance as of December 31 was $20,300. . On August 7, EFG paid a $6,000 fine to a municipal government for a violation of a local zoning ordinance, EFG's depreciation expense per books was $44,200, and its MACRS depreciation deduction was $31,000. . This is EFG's second taxable year In its first taxable year, it recognized an $8,800 net capital loss. This year, it recognized a $31,000 long term capital gain. . In its first taxable year, EFG capitalized $6,900 organizational costs for tax purposes and elected to amortize the costs over 180 months. For book purposes, it expensed the costs. EFG's federal income tax expense per books was $151,000 Required: a. Compute EFG's taxable income. Complete this question by entering your answers in the tabs below. Required A Compute EFG's taxable income. (Do not round any intermediate division. Round your final answers to the nearest whole dollar amount. Enter your answers in whole dollars not in millions.) Amount Taxable income Becured A Camden Corporation, a calendar year accrual basis corporation, reported $5 million of net income after tax on its current year financial statements prepared in accordance with GAAP. In addition, the following information is available from Camden's books and records: Federal income tax expense per books was $1.5 million. . Camden incurred $30,000 of meals and $25,000 of entertainment expenses. Assume for tax purposes that the meal costs are 50% deductible and that the entertainment costs are not deductible. Camden sold two pieces of equipment used in its business for total sales proceeds of $400,000. The equipment's original cost was $2 million. Book depreciation prior to sale totaled $1.2 million; tox depreciation totaled $1.5 million . Camden uses the reserve method of accounting for bad debts. Additions to the reserve during the year totaled $400,000, Accounts recelvable actually written off during the year totaled $450,000. . Camden's depreciation expense for book purposes totaled $900,000. Tax depreciation computed under MACRS is $1.25 million Required: a. Determine Camden's taxable income and regular tax liability, Assume the corporation's tax rate is 21%. Complete this question by entering your answers in the tabs below. Required A Determine Camden's taxable income and regular tax liability. (Consider intermediate values in dollars and not in millions Enter your answers in whole dollars not in millions.) Amount Taxable income Regular tax liability Perkin Corporation has determined that it qualifies for a tax credit in the amount of $120,000. For the current year, it has tax liability before credits of $75,000. It expects at least that amount of tax liability next year. Required: a. If the excess credit is not refundable but may be carried forward, calculate the value of the credit. Assume Perkins uses a 4 percent discount rate to calculate present value. b. If the excess credit is refundable, what is the value of the credit? Value of the Credit b