Luong Corporation, a calendar yeat, accrual basis corporation, reported $1 malion of net income after tax on its financlal statements prepared in accordance with GAAP. The corporation's books and records reveal the following informations - Luong's foderal income tax expense per books was $200,000 - Luong's book income included $10,000 of dividends recelved from a domestic corporation in which Luong owns a 75 percent stock interest, and $4,000 of dividends from 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 to berpense for meals not provided by a restaurant and $10,000 of book expense for entertainment - Luong's depreciation expense for book purposes totaled \$400,000. MACPS depreciation was $475,000. Required: a. Compute Luong's federal taxable income and regular tax lisbility. b. Prepare a Schedule M-1, page 6, Form 1120, reconciling Luong's book and taxable income. Q Answer is not complete. Complete this question by entering your answers in the tabs below. Compute Luong's foderal taxable income and regular tax hability. Note: Enter your answers in whiole doliars 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. Note: Any Expenses (Line 5) and Deductions (Line 8) that are not included under Depreciation, Charitable Contributions, and Travel and Entertainment should be combined in the corresponding line item "Other", Enter all amounts as positive. Enter your answers in whole dollars not in millions. Schedule Reconciliation of Income (Loss) per Books With Income per Retum M-1 THIS FORM IS A SIMULATION OF AN OFFICIAL U S. TAX FORM. IT IS NOT THE OFFICIM FORM IISELF. DO NOT USE TRIS FOKM FUN TMX FIUNGS OR FOR ANY PURPOSE OTHER THAN EDUCATIONAL. 2022 McGran Hill Education. Luong Corporation, a calendar yeat, accrual basis corporation, reported $1 malion of net income after tax on its financlal statements prepared in accordance with GAAP. The corporation's books and records reveal the following informations - Luong's foderal income tax expense per books was $200,000 - Luong's book income included $10,000 of dividends recelved from a domestic corporation in which Luong owns a 75 percent stock interest, and $4,000 of dividends from 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 to berpense for meals not provided by a restaurant and $10,000 of book expense for entertainment - Luong's depreciation expense for book purposes totaled \$400,000. MACPS depreciation was $475,000. Required: a. Compute Luong's federal taxable income and regular tax lisbility. b. Prepare a Schedule M-1, page 6, Form 1120, reconciling Luong's book and taxable income. Q Answer is not complete. Complete this question by entering your answers in the tabs below. Compute Luong's foderal taxable income and regular tax hability. Note: Enter your answers in whiole doliars 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. Note: Any Expenses (Line 5) and Deductions (Line 8) that are not included under Depreciation, Charitable Contributions, and Travel and Entertainment should be combined in the corresponding line item "Other", Enter all amounts as positive. Enter your answers in whole dollars not in millions. Schedule Reconciliation of Income (Loss) per Books With Income per Retum M-1 THIS FORM IS A SIMULATION OF AN OFFICIAL U S. TAX FORM. IT IS NOT THE OFFICIM FORM IISELF. DO NOT USE TRIS FOKM FUN TMX FIUNGS OR FOR ANY PURPOSE OTHER THAN EDUCATIONAL. 2022 McGran Hill Education
