Lamba Corporation reports the following items for book and tax purposes in its first year of operations (year 1)

Required:

a. Prepare the 2016 Schedule M-1 for Form 1120.

b. Calculate Lamba?s taxable income (the Schedule-1, line 10)

c. Calculate Lamba?s Federal tax liability (show your calculation). The tax table is in your textbook.

d. Caculate Lamba?s Federal effective tax rate. (show your calculation)