Egbert Inc. reported $751,250 of net income after tax on its financial statements - Egbert reported federal income tax expense of $192,250 - During the year, Egbert sold a piece of machinery for $100,000. Initially, it was purchased for $200,000. At the time of sale, it had a book basis of $70,000 and a tax basis of $30,000. - Egbert also sold a piece of investment land for $50K that he purchased two years ago for $80K. - Prepare Egbert Inc.'s M-1 Example Schedule M-1 Egbert Inc. reported $751,250 of net income after tax on its financial statements - Egbert reported federal income tax expense of $192,250 - During the year, Egbert sold a piece of machinery for $100,000. Initially, it was purchased for $200,000. At the time of sale, it had a book basis of $70,000 and a tax basis of $30,000. - Egbert also sold a piece of investment land for $50K that he purchased two years ago for $80K. - Prepare Egbert Inc.'s M-1 Example Schedule M-1