Please help and show how to do A-E

A.) Compute XYZ's Taxable Income

B.) Compute XYZ's Income Tax Liability

C.) Complete XYZ's Schedule M-1

D.) Complete XYZ's Form 1120, page 1

E.) Determine the quarters for which XYZ is subject to underpayment of estimated tax penalties.

07 Required information [The following information applies to the questions displayed below.] XYZ is calendar year corporation that began business on January 1, 2021. For the year, it reported the following Informtion in its current year sulted income statement Notes with important tax informationsre provided be ow. Use Exhibit 16-6. XYZ corporation Income statement for current year Book Income Revenue from sales $ 44,400,000 Cost of Goods Sold (29,970.000) Gross profit $ 14,430,682 Other income Income from investment in corporate stock Interest Income Capital gains (losses) Gain or loss from disposition of fixed assets Miscellaneous income 58.00 Gross Income $ 14,826,688 Expenses Compensation (7.544.600) Stock option compensation Advertising (244) (1,304,690) Repairs and Maintenance (97.680) Runt (44,00) Bad Debt expense (63) Depreciation (1,950,000) Warranty expenses (134) Charitable donations (50) Meals (all at restaurants) Goodwill impairment Organizational expenditures other expenses Total expenses $ (12,247.40) Income before taxes $ 2,569,280 Provision for income taxes (be) 13 Net Income after taxus $ 2.169,280 (41,010 (se, 11 (184.00 12 1. XYZ owns 30% of the outstanding Hobble Corportion (H) stock. Hobble Corporation reported $1000,000 of Income for the year XYZ accounted for its Investment in HC under the equity method, and recorded its prorts share of HC's earnings for the year. HC also distributed a $200.000 dividend to XYZ. For tax purposes, HC reports the actual dividend received ss Income, not the pro rata share of HC: esrnings 2 Of the $37.600 Interest Income $9.400 was from a City of Seattle bond, $11,400 viss from a Tacoma City bond. $10,400 was from a fully taxable corporate bond and the remaining $6.400 was from a money market account 3. This gains from equipment that XYZ purchased in February and sold in December ... It does not qualify as 31231 galin 4. This includes total officer compensation of $2.500,000 (no one officer received more than $1,000,000 compensation). 5. This amount is the portion of Incentive stock option compensation that we expenses during the year (recipients are officers 6.XYZ actually wrote of $38.000 of its accounts receivable as uncollectible 7. Tex depreciation was $2.450,000. 8. In the current year. XYZ did not make any actual payments on warranties it provided to customers. 9. XYZ made $500,000 of cash contributions to qualified charities during the year. The donations are qualified charitable contributions for purposes of determining the charitable contribution limitation 10. On July 1 of this year XYZ acquired the streets of another business. In the process, acquired $366,000 of goodwill. At the end of the year, XYZ wrote of $41,000 of the goodwill os impaired 11. XYZ expensed all of its organizational expenditures for book purposes. XYZ expensed the maximum amount of organizational expenditures allowed for tax purposes. 12 The other expenses do not contain any items with book-tax differences. 13. This is an estimated tsx provision (federal tax expense for the year. Assume that XYZ is not subject to state income Estimated tax Information: XYZ made four equal estimated tax payments totaing $506,000 ($120.000 per quarter. For purposes of estimated tex lebilities, assume XYZ was in exdstence in 2020 and that in 2020 It reported stability of $668.000. During 2021, XYZ determined its taxable income at the end of each of the four quarters as follows: Cumulative taxable Quarter and income (loss) First $ 510,80 Second $1,210,00 Third $1,628,00 Finally, assume that XYZ : not a large corporation for purposes of estimated tex calculations. (Do not round Intermediate calculations. Round your answers to the nearest dollar amount.) 9. Compute XYZ's taxable income. Table income 07 Required information [The following information applies to the questions displayed below.] XYZ is calendar year corporation that began business on January 1, 2021. For the year, it reported the following Informtion in its current year sulted income statement Notes with important tax informationsre provided be ow. Use Exhibit 16-6. XYZ corporation Income statement for current year Book Income Revenue from sales $ 44,400,000 Cost of Goods Sold (29,970.000) Gross profit $ 14,430,682 Other income Income from investment in corporate stock Interest Income Capital gains (losses) Gain or loss from disposition of fixed assets Miscellaneous income 58.00 Gross Income $ 14,826,688 Expenses Compensation (7.544.600) Stock option compensation Advertising (244) (1,304,690) Repairs and Maintenance (97.680) Runt (44,00) Bad Debt expense (63) Depreciation (1,950,000) Warranty expenses (134) Charitable donations (50) Meals (all at restaurants) Goodwill impairment Organizational expenditures other expenses Total expenses $ (12,247.40) Income before taxes $ 2,569,280 Provision for income taxes (be) 13 Net Income after taxus $ 2.169,280 (41,010 (se, 11 (184.00 12 1. XYZ owns 30% of the outstanding Hobble Corportion (H) stock. Hobble Corporation reported $1000,000 of Income for the year XYZ accounted for its Investment in HC under the equity method, and recorded its prorts share of HC's earnings for the year. HC also distributed a $200.000 dividend to XYZ. For tax purposes, HC reports the actual dividend received ss Income, not the pro rata share of HC: esrnings 2 Of the $37.600 Interest Income $9.400 was from a City of Seattle bond, $11,400 viss from a Tacoma City bond. $10,400 was from a fully taxable corporate bond and the remaining $6.400 was from a money market account 3. This gains from equipment that XYZ purchased in February and sold in December ... It does not qualify as 31231 galin 4. This includes total officer compensation of $2.500,000 (no one officer received more than $1,000,000 compensation). 5. This amount is the portion of Incentive stock option compensation that we expenses during the year (recipients are officers 6.XYZ actually wrote of $38.000 of its accounts receivable as uncollectible 7. Tex depreciation was $2.450,000. 8. In the current year. XYZ did not make any actual payments on warranties it provided to customers. 9. XYZ made $500,000 of cash contributions to qualified charities during the year. The donations are qualified charitable contributions for purposes of determining the charitable contribution limitation 10. On July 1 of this year XYZ acquired the streets of another business. In the process, acquired $366,000 of goodwill. At the end of the year, XYZ wrote of $41,000 of the goodwill os impaired 11. XYZ expensed all of its organizational expenditures for book purposes. XYZ expensed the maximum amount of organizational expenditures allowed for tax purposes. 12 The other expenses do not contain any items with book-tax differences. 13. This is an estimated tsx provision (federal tax expense for the year. Assume that XYZ is not subject to state income Estimated tax Information: XYZ made four equal estimated tax payments totaing $506,000 ($120.000 per quarter. For purposes of estimated tex lebilities, assume XYZ was in exdstence in 2020 and that in 2020 It reported stability of $668.000. During 2021, XYZ determined its taxable income at the end of each of the four quarters as follows: Cumulative taxable Quarter and income (loss) First $ 510,80 Second $1,210,00 Third $1,628,00 Finally, assume that XYZ : not a large corporation for purposes of estimated tex calculations. (Do not round Intermediate calculations. Round your answers to the nearest dollar amount.) 9. Compute XYZ's taxable income. Table income