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Need help with 5d and 8c and required C please Only interested in help on here thanks. Camden Corporation, a calendar year, accrual basis corporation,
Need help with 5d and 8c and required C please
Only interested in help on here thanks.
Camden Corporation, a calendar year, accrual basis corporation, reported $5 million of net income after tax on its current year financial statements prepared in accordance with GAAP. In addition, the following information is available from Camden's books and records: - Federal income tax expense per books was $1.5 million. - Camden incurred $30,000 of meals not provided by a restaurant and $25,000 of entertainment expenses. - Camden sold two pieces of equipment used in its business for total sales proceeds of $400,000. The equipment's original cost was $2 million. Book depreciation prior to sale totaled \$1.2 million; tax depreciation totaled \$1.5 million. - Camden uses the reserve method of accounting for bad debts. Additions to the reserve during the year totaled $400,000. Accounts receivable actually written off during the year totaled $450,000. - Camden's depreciation expense for book purposes totaled $900,000. Tax depreciation computed under MACRS is $1.25 million. Required: o. Determine Camden's taxable income and regular tax liability. b. Complete Schedule M-1, page 6, Form 1120 c. Compute Camden's AFSI, tentative minimum tax, AMT (if any), and final tax due. Schedule Reconciliation of Income (Loss) per Books With Income per Return Nota: The romeratinn mav he renuired tn file Schedule M-3. See instructions. THIS FORM IS A SIMULATION OF AN OFFICIAL U.S. TAX FORM. IT IS NOT THE OFFICIAL FORM IT SELF. DO NOT USE THIS FORM FUR IAX FILING S OR FOR ANY PURPO SE OTHER THAN EDUCATIONAL. @ 2023 McGraw-Hill Education. Required: a. Determine Camden's taxable income and regular tax liability. b. Complete Schedule M-1, page 6. Form 1120 c. Compute Camden's AFSI, tentative minimum tax, AMT (if any), and final tax due. Answer is not complete. Complete this question by entering your answers in the tabs below. Compute Camden's AFSI, tentative minimum tax, AMT (if any), and final tax dueStep by Step Solution
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