Part I: M-1 Information for an accrual basis corporation

Net income per books (after-tax)	$174,100
Federal income tax expense per books	$86,600
Tax-exempt interest income	$4,500
MACRS depreciation**	$7,200
Excess of capital loss over capital gains	$9,400
Nondeductible meals and entertainment	$5,500
Interest on loan to purchase tax-exempt bonds	$1,100

** This is depreciation in excess of straight-line depreciation used for financial statement purposes

Part II: M-2 Information for an accrual basis corporation

Net income per books (after-tax)	$386,250
Taxable income	$120,000
Federal income tax per books	$30,050
Cash dividend distributions	$150,000
Unappropriated retained earnings, as of January 1, 2016	$796,010

Requirements:

Clearly identify the requirements being addressed. Your assignment should consist of a single MS Excel File clearly identifying the requirements being addressed. Show all calculations within the cells of an Excel spreadsheet. This means that you must use formulas and links so that the thought process can be examined. Make good use of comments to convey your thought process as well. No hard coding of solutions.