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- Genesis, Incorporated, is a calendar year, accrual basis corporation. The business reported $852,000 net income after tax on its financial statements prepared in accordance with GAAP. The corporation's financial records also show the following information: - Genesis earned \$7,500 on an investment in tax-exempt municipal bonds. - Genesis received an advance payment of rent this year for $30,000. This amount was not included in book income. - Genesis had depreciation expense per books was \$73,000, and its MACRS depreciation deduction was $125,000. - Genesis recorded $70,000 of business meals (not provided by a restaurant) and $24,000 of entertainment expense for book purposes. - Genesis had federal income tax expense per books of $200,000. a. Compute the taxable income and regular tax liability for Genesis. b. Prepare a reconciliation between the book and taxable income for Genesis. YOU MUST SHOW RELEVANT CALCULATIONS TO RECEIVE CREDIT FOR YOUR ANSWERS