Please help fill in the lines on M$1$ and M$2$The following information for $2022$ relates to ABC Corporation, a calendar$-$year taxpayer. ABC Corporation uses the accrual method of accounting.

Net Income per books $($after tax$)$

$$384,500$

Federal income tax expense per books

$105,000$

Meals per books $($assume $50\%$ tax$-$

deductible$)$

$30,000$

Tax$-$exempt interest income

$5,000$

Penalties per books

$2,000$

Tax MACRs depreciation in excess of book's $10,000$

Interest on loan to purchase tax$-$exempt bonds

$500$

Excess of capital loss over capital gains

$8,000$

Based on the information above, use Schedule M$-1$ of Form $1120$ in fill$-$in PDF format, to prepare Schedule M$-1$ for ABC Corporation and to determine ABC's taxable income for $2022.$

Using the relevant additional information below, please prepare ABC's Schedule M$-2$ Form $1120$ to determine ABC's unappropriated retained earnings balance as of December $31,2022.$

Net Income per books $($after tax$)$

$$384,500$

Taxable Income

$,x$

Cash dividends distributions

$130,000$

Federal income tax expense per books

$105,000$

Unappropriated retained earnings, as of January $1,2022$

$800,500$

For Schedule M$-2$ see example $34$ in $17-3$d "Schedule M$-2-$Analysis of Unappropriated Retained Earnings per Books". Form M$-2$ is at the bottom of page $6$ of Form $1120.$

Open your HW#$1$ PDF file with Sch$.$ M$-1.$ Fill in Schedule M$-2.$ Save your file after inputting M$-2$ numbers. It is always advisable to save your HW files with your last name included in your file name.

After you upload your submission file to Canvas, open it up to ensure that the typed$-$in data did not get lost after you attached your upload into Canvas. You may want to "print$-$to$-$pdf$"$ and save your. completed file first before uploading it$,$ into Canvas.

The Solution for this assignment will be posted to the "Tax Form HW Solutions" Module.

M$2$

Net income per books $384,500$

Taxable income xx$,$xxx

Cash divends distribution $130,000$

Federal income tax expense per books $105,000$

Unappropriated retained earnings as of jan$12022$

$800,500$