Please prepare the M-1 Book/Tax Reconciliation for the following example using the attached M-1 Schedule.

ABC Corporation a calendar year C corporation has Net loss for books at year-end of $1,000,000 and has the following activity on the books:

1) Federal Income Tax ($300,000)

2) NYS Income Tax- $45,000

3) Supplies- $20,000

4) M & E - $75,000

5) DPAD- $65,000

6) OLI- $47,000

7) Proceeds from insurance $101,000

8) A/R Reserve decrease $40,000

9) Sec 263A increase $100,000

10) Tax Depreciation $150,000

11) Book Depreciation $75,000

12) Tax exempt interest $200,000

Uluers equity 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 . . 2 Federal income tax per books 3 Excess of capital losses over capital gains 4 Income subject to tax not recorded on books 000,000 ) | 7 Income recorded on books this year not included on this return (itemize) Tax-exempt interest $ one this year (itemize): 8 Deductions on this return not charged against book income tis year (itemize): a Depreciation. b Charitable contributions $ 5 Expenses recorded on books this year not deducted on this return (itemize): a Depreciation .. b Charitable contributions . c Travel and entertainment. $ 9 Add lines 7 and 8 10 Income (page 1, line 28)-line 6 less line 9 9 Add lines 7 and 8 . . . 6 Add lines 1 through 5