& ER Check my wor Cramer Corporation, a calendar year, accrual basis corporation reported $1.50 million of net income after tax on its financial statements prepared in accordance with GAAP. The corporation's books and records reveal the following information Cramer's federal income tax expense per books was $210,000 Cramer's book income included $20.000 of dividends received From a domestie corporation in which Cramer owns a 25 percent stock interest and $9,000 of dividends from a domestie corporation in which Cramer owns a 5 percent stock interest Cramer recognized $20.000 of capital losses this year and no capital gains . Cramer recorded $13.000 of book expense for meas not provided by a restaurant and $15.000 of book expense for entertainment costs . Cramer's depreciation expense for book purposes totaled $490.000 MACRS depreciation was $475.000 Required: o. Compute Cramer's federal taxable income and regular fax liability b. Prepare a Schedule M 1 page 6, Form 1120 reconciling can book and taxable income & ER Check my wor Cramer Corporation, a calendar year, accrual basis corporation reported $1.50 million of net income after tax on its financial statements prepared in accordance with GAAP. The corporation's books and records reveal the following information Cramer's federal income tax expense per books was $210,000 Cramer's book income included $20.000 of dividends received From a domestie corporation in which Cramer owns a 25 percent stock interest and $9,000 of dividends from a domestie corporation in which Cramer owns a 5 percent stock interest Cramer recognized $20.000 of capital losses this year and no capital gains . Cramer recorded $13.000 of book expense for meas not provided by a restaurant and $15.000 of book expense for entertainment costs . Cramer's depreciation expense for book purposes totaled $490.000 MACRS depreciation was $475.000 Required: o. Compute Cramer's federal taxable income and regular fax liability b. Prepare a Schedule M 1 page 6, Form 1120 reconciling can book and taxable income