Excel Spreadsheet Reconciliation of Book Income to Taxable Income

a$.$ Identify any differences as either temporary or permanent.

b$.$ Use the template provided in Canvas. Note, you will need to modify the template to fit the facts provided with this problem. The Corporation reported the following information for the year:

$$ The Corporation did have a net operating loss carryover of $$125,600$ from $2016.$

$$ The Corporation did have a net capital loss carryover from $2022$ of $$14,300.$ The Corporation received total dividends of $$125,000$ related to investments in other corporations. The Corporation did not own more than $15\%$ of the stock for any of its investment.

The Corporation contributed $$176,000$ cash to charitable $501($c$)(3)$ organizations during the year that are all considered public charities.

The Corporation$$s total tax depreciation reported on Form $4562$ for the year is $$456,123.($Note: You are not required to complete Form $4562).$

All employees$$ wages and bonuses were paid on or before December $31,2023.$ You may assume that all wages and bonuses were reasonable.

The Corporation$$s bad debt expenses for book purposes was $$88,500$ for the year. It wrote$-$off $$82,350$ in receivables for tax purposes in $2023.$

The Corporation paid a total dividend of $$200,000$ in $2023,$ which was allocated among the shareholders based on their percentage of stock ownership.

You may assume that all business expenses were ordinary and necessary and reasonable in amount. You may assume that all of the interest expense is deductible.

The Corporation timely made four equal federal estimated tax payments of $$770,000$ each during $2023.$ The Corporation would like to apply any overpayment of income taxes for $2023$ to its $2024$ estimated tax payments.

Use $21\%$ as the applicable tax rate for taxable income. The Corporation owes no other taxes referenced on Schedule J and is not entitled to any credits listed on Part III of Schedule J$.$