es a. and b. Compute MV Corporation's 2023 taxable income given the following information relating to its year 1 activities. Also, compute MV's Schedule M-1 assuming that MV's federal income tax expense for book purposes is $100,000. Use Exhibit 16-7 Required: . Gross profit from inventory sales of $500,000 (no book-tax differences). Dividends MV received from 25 percent-owned corporation of $100,000 (assume this is also MV's pro rata share of the distributing corporation's earnings). Expenses other than DRD, charitable contribution (CC), and net operating loss (NOL) are $350,000 (no book-tax differences). NOL carryover from 2022 of $10,000. Cash charitable contribution of $120,000. Complete this question by entering your answers in the tabs below. Required A Required B Compute MV Corporation's 2023 taxable income given the following information relating to its year 1 activities. Note: Negative amounts should be indicated by a minus sign. Leave no answer blank. Enter zero if applicable. Gross profit Other income Description Book Income (Dr) Cr Book-tax Book-tax adjustments adjustments (Dr) Cr Taxable Income (Dr) Cr