I Reconcile book income to taxable income for Timpanogos Incorporated. Be sure to start with book income and identify all of the adjustments necessary to arrive at taxable income. Identify each book-tax difference as either permanent (P) or temporary (T). Complete Schedule M-1 for Timpanogos. Compute Timpanogos Incorporated's tax liability for 2021 2.5 Points 1-166 Timpanogos Incorporated is an accrual-method, calendar-year corporation. For 2021, it reported financial statement income after taxes of $1,623,820. Timpanogos provided the following information relating to its 2021 activities: Life insurance proceeds as a result of CEO's death $242,000 Revenue from sales (for both book and tax purposes) 2,420,000 Premiums paid on the key-person life insurance policies. The policies have no cash surrender value. 25,410 Qualified charitable contributions 217,800 Cost of goods sold for book and tax purposes 363,000 Interest income on tax-exempt bonds 48,400 Interest paid on loan obtained to purchase tax-exempt bonds 54,450 Rental income payments received and earned in 2021 18,150 Rental income payments received in 2020 but earned in 2021 12,100 Rental income payments received in 2021 but not earned by year-end 36,300 Tax depreciation 66,550 Book Depreciation 30,250 Net capital loss 50,820 Federal income tax expense for books in 2021 375,100 1. Reconcile book income to taxable income for Timpanogos Incorporated. Be sure to start with book income and identify all of the adjustments necessary to arrive at taxable income. Identify each book-tax difference as either permanent (P) or temporary (T 1. Complete Schedule M-1 for Timpanogos. 2. Compute Timpanogos Incorporated's tax liability for 2021 1-167