Luong Corporation, a calendar year, accrual basis corporation, reported $$1\mathrm{.}50$ million of net income after tax on its financial statements prepared in accordance with GAAP. The corporation$$s books and records reveal the following information: Luong's federal income tax expense per books was $$210,000.$ Luong's book income included $$20,000$ of dividends received from a domestic corporation in which Luong owns a $25$ percent stock interest, and $$9,000$ of dividends from a domestic corporation in which Luong owns a $5$ percent stock interest. Luong recognized $$20,000$ of capital losses this year and no capital gains. Luong recorded $$13,000$ of book expense for meals not provided by a restaurant and $$15,000$ of book expense for entertainment costs. Luong's depreciation expense for book purposes totaled $$410,000.$ MACRS depreciation was $$475,000.$ Required: Compute Luong's federal taxable income and regular tax liability. Prepare a Schedule M$-1,$ page $6,$ Form $1120,$ reconciling Luong$$s book and taxable income.Required A

Required B

Prepare a Schedule M$-1,$ page $6,$ Form $1120,$ reconciling Luong's book and taxable income.

Note: Any Expenses $($Line $5)$ and Deductions $($Line $8)$ that are not included under Depreciation, Charitable Contributions, and Trav Entertainment should be combined in the corresponding line item "Other". Enter all amounts as positive. Enter your answers in wh in millions.

Schedule M$-1$ Reconciliation of Income $($Loss$)$ per Books With Income per Return

Note: The corporation may be required to file Schedule M$-3.$ See instructions. OR FOR ANY PURPOSE OTHER THAN EDUCATIONAL. $`2022$ McGraw$-$Hill Education.