Luong Corporation, a calendar year, accrual basis corporation, reported $1 million of net income after tax on its financial statements prepared in accordance with GAAP. The corporation's books and records reveal the following information: - Luong's federal income tax expense per books was $200,000. - Luong's book incomie included $10,000 of dividends received from a domestic corporation in which Luong owns a 25 percent stock interest, and $4,000 of dividends from a domestic corporation in which Luong owns a 5 percent stock interest. - Luong recognized $10,000 of capital losses this year and no capital gains - Luong recorded $8,000 of book expense for meals not provided by a restaurant and $10,000 of book expense for entertainment costs - Luong's depreciation expense for book purposes totaled $400,000. MACRS depreciation was $475,000 Required: 0. Compute Luong's federal taxable income and regular tax liability b. Prepare a Schedule M-1, page 6. Form 1120, reconcling Luong's book and taxable income \& Answer is not complete. Complete this question by entering your answers in the tabs below. Compute Luong's federal taxable income and regutar tax liability. Note: Enter your answers in whole dollars not in millions. Complete this question by entering your answers in the tabs below. Prepare a Schedule M-1, page 6, Form 1120, reconciling Luong's book and taxable income. Tote: Ary Expenses (Line 5) and Deductions (Uine 8) that are not included under Depreciation, Charitable Contributions, and Travel and Entertainment should be combined in the corresponding line Item *other". Enter ali amounts as positive. Enter your answers in whole dollars not In midilions. sbow lissa Reconciliation of Income (Loss) per. Books With Income per Return