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Timpanogos Inc. is an accrual method calendar year corporation. For 2020, it reported financial statement income after taxes of $1,342,000. Timpanogos provided the following information relating to its 2020 activities. 04.12.10 Life Insurance proceeds as a result of CEO's death evenue fron sales (for both book and tax purposes) Premiums paid on the key-person life insurance policies. The policies have no cash surrender value. Charitable contributions Cost of goods sold for book and tax purposes Interest income on tax-exempt bonds Interest paid on loan obtained to purchase taxempt bonds Rental income payments received and earned in 2020 Rental income payments received in 2019 but warned in 2030 Rental income payments received in 2020 but not earned by year-end Tax depreciation Book Depreciation Net capital loss Federal income tax pense for books in 2020 $ 200,000 2,000,000 21,00 100,000 300,000 40,000 45,000 15,000 10,000 30.000 55.000 25.000 -Book 110,000 Required: a. Reconcile book income to taxable income for Timpanogos Inc. Be sure to start with book income and identify all of the adjustments necessary to arrive at Laxable income. b. Identity each book-tax difference as either permanent (P) or temporary (T). C. Complete Schedule M 1 for Timpanogos d. Compute Timpanogos Inc.'s tax itability for 2020. Reconcile book income to taxable income for Timpanogos Inc. Be sure to start with book income and identify all of the adjustments necessary to arrive at taxa Identify each book tax difference as either permanent (P) or temporary (T) (Negative amounts should be indicated by a minus sign Leave no answer banke applicable) Description Book Income Book-tax adjuntments Tatable Income DICA OCH Dry Cr 110 Revenge from sales Cost of goods sold Gross profit Other income Ufo nurance proceeds from CEOs death Interest income on not bonds Rental income o income Interested to obtain t.ext bonds NetCatalos Depreciation Life insurance prema To penses before chantable conton, NOL and DRD combo chart contebution NOC. DRD NOL carryover Tony Te come for the contibution imation purpos How Taxable in Complete Schedule M-1 for Timpanogos. (Enter all values as positive numbers.) Schedule M-1: Reconciliation of Income (Loss) per Books With Income per Return 1. Net income (loss) per books 2 Federal income tax per books 3 Excess of capital losses over capital gains 4. Income subject to tax not recorded on books this year (itemize) Rental income 5. Expenses recorded on books this year not deducted on this return (itemize) a Depreciation b. Chantable contributions c. Travel and entertainment Interest paid to obtain tax exempt bonds Life insurance premiums 6 Total 7 Income recorded on books this year not included on this retum (itemize) Tax exempt interest Life insurance proceeds from CEO's death 8. Deductions on this return not charged against book income this year (itemize) a. Depreciation b Charitable contributions Sec 263A costs 9 Total 10 Income Required: a. Reconcile book income to taxable income for Timpanogos Inc. Be sure necessary to arrive at taxable income. b. Identify each book-tax difference as either permanent (P) or temporary c. Complete Schedule M-1 for Timpanogos. d. Compute Timpanogos Inc.'s tax liability for 2020. Complete this question by entering your answers in the tabs below. Req A and B Reqc Reg D Compute Timpanogos Inc.'s tax liability for 2020. Tax liability