I need help with problem 5. Im struggling.

Life insurance premium Meastavear 2023) and entertainment 5 Review the information from ABC Inc's books (522171 Project I excel in the Project 1 Module Using the information you learned in Modus 1-4 and from reading the S22 171 Schedule M-1 Audit Techniques (abridged) nie, calculate ABC Inc's taxable income after application of the NOL Carrow What is ABC, Instaxable income for 2021 Tourne Submit 10:43 PM 2/21/2022 HP ENVY ALIC, Inc.-2021 Book/Tax Reconciliation Worksheet Book 5204.974359 (5700,471) (515.998,374 $138 345 314 Tax $204.974,359 (5700,471) (515998374 5188.345,514 5529375 $262,736 52.000.000 5132.82 $191,004,735 Descriptive Revenue from sales Retures and allowances Cost of goods sold Gross profit Other income Corporate bond interest Municipal bond interest (State of CA bond) Life insurance proceeds key person policy) Net capital gains coss) Gross income Expenses/Deductions Executive Compensation Salaries Taxes (state, local and payroll) and licenses Interest - Ioan used to purchase corporate bonds Interest - loan used to purchase municipal bonds Depreciation Advertising Meals Entertainment Life insurance premiums (key person policy) Federal income tax expense Total expenses deductions before NOL and Special Deductions Net income per books/as inc Refore NOL and Special Deduction (1120 Line 28: Schedule M-1 Line 10) NOL carry over from prior year Special Deductions (including DRD) Net income per books taxable income (S2,678,064 (55.927.856) (562,346,799) (526,402 ($13.967 (54.115.022) (523.948.728) (55.234.897) (5729.830) (543,872) (513,051 438) (5123,116,943) 567.907.792 $0 50 567.907.792 NOTES: No covered executive receives compensation over 1,000,000 "Taxes (state, local and payroll) and licenses" does not include federal income taxes See Depreciation Schedule, you will need to calculate 2021 tax depreciation The federal income tax expense is used for illustrative purposes only as most students have not yet covered accounting for income taxes. For purposes of this exercise, asume that this is the federal income tax expenst. CORE CASIO OR 4 025 Which of the following are favorable book taxdifferences Select all that apply Book depreciation that exceeds tax depreciation Tax cremot interest income Tax depreciation that exceeds book depreciation Federal income tax expense Life Insurance proceeds Life insurance premium Meals (tax year 2023) and entertainment SSS 5 + Review the information from ABC Inc books (522 171 Project 1 excet ble in the Project 1 Module Using the information you learned in Modules 14 and from reading the 522171 Schedule M 1 Audit Techniques Labridged nie. calculate ABC instancabile income latter application of the NOL carryover) What is ABC, Inc's taxable income for 2021 They were Submit Life insurance premium Meastavear 2023) and entertainment 5 Review the information from ABC Inc's books (522171 Project I excel in the Project 1 Module Using the information you learned in Modus 1-4 and from reading the S22 171 Schedule M-1 Audit Techniques (abridged) nie, calculate ABC Inc's taxable income after application of the NOL Carrow What is ABC, Instaxable income for 2021 Tourne Submit 10:43 PM 2/21/2022 HP ENVY ALIC, Inc.-2021 Book/Tax Reconciliation Worksheet Book 5204.974359 (5700,471) (515.998,374 $138 345 314 Tax $204.974,359 (5700,471) (515998374 5188.345,514 5529375 $262,736 52.000.000 5132.82 $191,004,735 Descriptive Revenue from sales Retures and allowances Cost of goods sold Gross profit Other income Corporate bond interest Municipal bond interest (State of CA bond) Life insurance proceeds key person policy) Net capital gains coss) Gross income Expenses/Deductions Executive Compensation Salaries Taxes (state, local and payroll) and licenses Interest - Ioan used to purchase corporate bonds Interest - loan used to purchase municipal bonds Depreciation Advertising Meals Entertainment Life insurance premiums (key person policy) Federal income tax expense Total expenses deductions before NOL and Special Deductions Net income per books/as inc Refore NOL and Special Deduction (1120 Line 28: Schedule M-1 Line 10) NOL carry over from prior year Special Deductions (including DRD) Net income per books taxable income (S2,678,064 (55.927.856) (562,346,799) (526,402 ($13.967 (54.115.022) (523.948.728) (55.234.897) (5729.830) (543,872) (513,051 438) (5123,116,943) 567.907.792 $0 50 567.907.792 NOTES: No covered executive receives compensation over 1,000,000 "Taxes (state, local and payroll) and licenses" does not include federal income taxes See Depreciation Schedule, you will need to calculate 2021 tax depreciation The federal income tax expense is used for illustrative purposes only as most students have not yet covered accounting for income taxes. For purposes of this exercise, asume that this is the federal income tax expenst. CORE CASIO OR 4 025 Which of the following are favorable book taxdifferences Select all that apply Book depreciation that exceeds tax depreciation Tax cremot interest income Tax depreciation that exceeds book depreciation Federal income tax expense Life Insurance proceeds Life insurance premium Meals (tax year 2023) and entertainment SSS 5 + Review the information from ABC Inc books (522 171 Project 1 excet ble in the Project 1 Module Using the information you learned in Modules 14 and from reading the 522171 Schedule M 1 Audit Techniques Labridged nie. calculate ABC instancabile income latter application of the NOL carryover) What is ABC, Inc's taxable income for 2021 They were Submit