please helpa. and b$.$ Compute MV Corporation's $2023$ taxable income given the following information relating to its year $1$ activities. Also, compute

MV$\text{'}$s Schedule M$-1$ assuming that MV$\text{'}$s federal income tax expense for book purposes is $$100,000.$ Use Exhibit $16-7.$

Requlred:

Gross profit from inventory sales of $$500,000($no book$-$tax differences$).$

Dividends MV received from $25$ percent$-$owned corporation of $$100,000($assume this is also MV$\text{'}$s pro rata share of the distributing

corporation's earnings$).$

Expenses other than DRD$,$ charitable contribution $($CC$),$ and net operating loss $($NOL$)$ are $$350,000($no book$-$tax differences$).$

NOL carryover from $2022$ of $$10,000.$

Cash charitable contribution of $$120,000.$

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Compute MV Corporation's $2023$ taxable income given the following information relating to its year $1$ activities.

Note: Negative amounts should be indicated by a minus sign. Leave no answer blank. Enter zero if applicable.