Emerald Corporation, a calendar year and accrual method taxpayer, provides the following information and asks you to prepare Schedule M$1$ for $2023$:

Net income per books $($after$-$tax$)$ $$268,200$

Federal income tax per books $31,500$

Tax$-$exempt interest income $15,000$

Life insurance proceeds received as a result of death of corporate president $150,000$

Interest on loan to purchase tax$-$exempt bonds $1,500$

Excess of capital loss over capital gains $6,000$

Premiums paid on life insurance policy on life of Emerald$$s president $7,800$