Need help with question a but need it in a M-1 schedule on a 1120
covering Rocket's presia 9. Rocket has a $90,000 NO carryover from p a. Prepare a worksheet reconciling Rocket's book income with its taxable income for cial deductions). Six columns should be used-two (one debit andore Required one credit) f the following three major headings: book income, Schedule M-1 adjustme ro e income. (See the sample worksheet with Form 1120 in Appendix B if t you special deduc need assistance). b. Prepare a tax provision reconciliation as in Step 9 of the lax Provision Process. Assume a 21% corporate tax rate. Book Income and Taxable Income. Omega Corporation reports the follow ing results for the current year: $738,000 (1,56,240 $581,760 10,000 7,000 40,000 8,000 Net income per books (before federal income taxes) Federal income tax expense per books Net income per books (after federal income taxes) Tax-exempt interest income Interest on loan to purchase tax-exempt bonds MACRS depreciation exceeding book depreciation Net capital loss Insurance premium on life of corporate officer where Omega is the beneficiary 9,000 Excess charitable contributions carried over to next year a. Prepare a reconciliation of Omega's taxable income before special deductions with its book income. b. Prepare a tax provision reconciliation as in Step 9 of the Tax Provision Process. Assume a 2 1 % tax rate. 4,000 Reconciling Unappropriated Retained Earnings. White Corporation's financial accounting records disclose the following results for the period ending December 31 of the current year covering Rocket's presia 9. Rocket has a $90,000 NO carryover from p a. Prepare a worksheet reconciling Rocket's book income with its taxable income for cial deductions). Six columns should be used-two (one debit andore Required one credit) f the following three major headings: book income, Schedule M-1 adjustme ro e income. (See the sample worksheet with Form 1120 in Appendix B if t you special deduc need assistance). b. Prepare a tax provision reconciliation as in Step 9 of the lax Provision Process. Assume a 21% corporate tax rate. Book Income and Taxable Income. Omega Corporation reports the follow ing results for the current year: $738,000 (1,56,240 $581,760 10,000 7,000 40,000 8,000 Net income per books (before federal income taxes) Federal income tax expense per books Net income per books (after federal income taxes) Tax-exempt interest income Interest on loan to purchase tax-exempt bonds MACRS depreciation exceeding book depreciation Net capital loss Insurance premium on life of corporate officer where Omega is the beneficiary 9,000 Excess charitable contributions carried over to next year a. Prepare a reconciliation of Omega's taxable income before special deductions with its book income. b. Prepare a tax provision reconciliation as in Step 9 of the Tax Provision Process. Assume a 2 1 % tax rate. 4,000 Reconciling Unappropriated Retained Earnings. White Corporation's financial accounting records disclose the following results for the period ending December 31 of the current year
