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Timpanogos Incorporated is an accrual-method, calendar-year corporation. For 2021, it reported financial statement income after taxes of $1,516,460. Timpanogos provided the following information relating to its 2021 activities: $ 226,000 2,260,000 Life insurance proceeds as a result of CEO's death Revenue from sales (for both book and tax purposes) Premiums paid on the key-person life insurance policies. The policies have no cash surrender value. Qualified charitable contributions Cost of goods sold for book and tax purposes Interest income on tax-exempt bonds Interest paid on loan obtained to purchase tax-exempt bonds Rental income payments received and earned in 2021 Rental income payments received in 2020 but earned in 2021 Rental income payments received in 2021 but not earned by year-end Tax depreciation Book Depreciation Net capital loss Federal income tax expense for books in 2021 23,730 203,400 339,000 45,200 50,850 16,950 11,300 33,900 62,150 28,250 47,460 350, 300 Required: a. Reconcile book income to taxable income for Timpanogos Incorporated. Be sure to start with book income and identify all of the adjustments necessary to arrive at taxable income. b. Identify each book-tax difference as either permanent (P) or temporary (T). c. Complete Schedule M-1 for Timpanogos. d. Compute Timpanogos Incorporated's tax liability for 2021. Required: a. Reconcile book income to taxable income for Timpanogos Incorporated. Be sure to start with book income and identify all of the adjustments necessary to arrive at taxable income. b. Identify each book-tax difference as either permanent (P) or temporary (T). c. Complete Schedule M-1 for Timpanogos. d. Compute Timpanogos Incorporated's tax liability for 2021. Income 45,200 Req A Schedule and B M1 Reg D Reconcile book income to taxable income for Timpanogos Incorporated. Be sure to start with book income and identify all of the adjustments necessary to arrive at taxable income. Identify each book-tax difference as either permanent (P) or temporary (T). (Negative amounts should be indicated by a minus sign. Leave no answer blank. Enter zero if applicable.) Permanent Book-tax Permanent Book Book-tax Taxable Description Income adjustments (P) or (P) or adjustments Temporary (Dr) (Dr) Cr Temporary Cr (Dr) Cr (U Revenue from sales $ 2,260,000 2,260,000 Cost of goods sold (339,000 (339,000 $ Gross profit 1,921,000 1,921,000 Other income: : Life insurance proceeds from CEO's death 226,000 (226,000 P Interest income on tax-exempt bonds (45,200) P Rental income 28,250 (11,300) T 33,900T $ 50,850 S Gross income $ 2,220,450 1,971,850 Expenses: Interest paid to obtain tax-exempt bonds (50,850 50,850 P Net capital loss (47,460 47,460T Depreciation (28,250 (33,900VT (62,150 Life insurance premiums (23,730 23,730P Federal income tax expense (350,300 350,300 Total expenses before charitable contribution, NOL, and (500,590) (62,150) IS Income before charitable contribution, NOL, and DRD $ 1,720,320 1,909,700 NOL carryover from prior year Taxable income for charitable contribution limitation purposes $ 1,909,700 Charitable contributions (203,400) $ Book/Taxable income 1,516,920 $ (316,400) $ 506,240 1,909,700 SOS DRD Required: a. Reconcile book income to taxable income for Timpanogos Incorporated. Be sure to start with book income and identify all of the adjustments necessary to arrive at taxable income. b. Identify each book-tax difference as either permanent (P) or temporary (T). c. Complete Schedule M-1 for Timpanogos. d. Compute Timpanogos Incorporated's tax liability for 2021. Answer is not complete. Complete this question by entering your answers in the tabs below. Req A and B Schedule M1 Reg D Complete Schedule M-1 for Timpanogos. (Enter all values as positive numbers.) Schedule M-1 Reconciliation of Income (Loss) per Books With Income per Return Note: The corporation may be required to file Schedule M-3. See instructions. 1 Net income (loss) per books 1,517,380X7 Income recorded on books this year not 2 Federal income tax per books 350,300 included on this return (itemize): 3 Excess of capital losses over capital gains 47,460 Tax-exempt interest $ 45,200 4 Income subject to tax not recorded on Rental books this year (itemize): Life insurance proceeds 226,000 income 271,200 22,600 8 Deductions on this return not charged 5 Expenses recorded on books this year not deducted on this return (itemize): against book income this year (itemize): a Depreciation a Depreciation 33,900 b Charitable contributions $ 11,000 b Charitable contributions C Travel and C Other (itemize): entertainment Other (itemize): Life ins. $ 68,930x prem; int exp. $ 79,930 9 Add lines 7 and 8 $ 10 Income (page 1, line 28)-line 6 less 6 Add lines 1 through 5 2,016,750 line 9 THIS FORM IS A SIMULATION OF AN OFFICIAL U.S. TAX FORM. IT IS NOT THE OFFICIAL FORM ITSELF. DO NOT USE THIS FORM FOR TAX FILINGS OR FOR ANY PURPOSE OTHER THAN EDUCATIONAL. 2021 McGraw-Hill Education. 305,100 x 305,100 1,717,300X Required: a. Reconcile book income to taxable income for Timpanogos Incorporated. Be sure to start with book income and identify all of the adjustments necessary to arrive at taxable income. b. Identify each book-tax difference as either permanent (P) or temporary (T). C. Complete Schedule M-1 for Timpanogos. d. Compute Timpanogos Incorporated's tax liability for 2021. X Answer is not complete. Complete this question by entering your answers in the tabs below. Req A and B Schedule M1 Req D Compute Timpanogos Incorporated's tax liability for 2021. Tax liability $ 360,633