please solve for book tax adjsustment and tax colomn.

also solve the depriciation table on the bottom . thank you .

ABC, Inc. - 2020 Book/Tax Reconciliation Worksheet

Description

Book. (Dr) Cr

Book-Tax Adjustments

Tax (Dr) Cr

(Dr) Fav.

Cr - Unfav.

Revenue from sales

$10,000,000

$10,000,000

Returnes and allowances

($500,000)

($500,000)

Cost of goods sold

($4,000,000)

($4,000,000)

Gross profit

$5,500,000

$5,500,000

Other income:

N/A

N/A

Dividends

$50,000

$50,000

Corporate bond interest

$50,000

Municipal bond interest

$20,000

Life insurance proceeds (key person)

$100,000

Net capital gains (loss)

$100,000

Gross income

$5,820,000

N/A

N/A

Expenses/Deductions:

N/A

N/A

Salaries

($999,000)

Taxes (state, local and payroll) and licenses

($600,000)

Interest - loan used to purchase corporate bonds

($7,500)

Interest - loan used to purchase municipal bonds

($5,000)

Depreciation

($11,190)

Advertising

($300,000)

Employee benefits

($60,000)

Meals

($50,000)

Entertainment

($70,000)

Life insurance premiums (key person)

($21,000)

Federal income tax expense

($776,225)

Total expenses/deductions before NOL and DRD

($2,899,915)

Net income per books/tax inc before NOL and DRD

$2,920,085

N/A

N/A

NOL carryover from prior year

$0

DRD

$0

Net income per books/taxable income

$2,920,085

N/A

N/A

Dividends received from a less-than-20% owned US Corp.; note: 100% of the dividend income is included in gross income for tax purpses; the DRD is included separately in row 30

This does not include federal income taxes

See Depreciation Schedule; you will need to calculate 2020 tax depreciation

This number is used only for illustrative purposes only as most students have not yet covered accounting for income taxes. For purposes of this exercise, assume that this is the correct federal income tax expense.

Corporation has $6,250 NOL carryover

DESCRIPTION OF PROPERTY	DATE ACQUIRED & PLACED IN SERVICE	COST OR OTHER BASIS	BOOK DEP. METHOD	USEFUL LIFE (BOOK)	SALVAGE VALUE (BOOK)	BOOK DEP. FOR 2020	WAS BONUS DEPRECIATION USED FOR THIS ASSET?	TAX DEP. METHOD	TAX DEP. CONVENTION	RECOVERY PERIOD (TAX)	TAX DEP. FOR 2020
Computer Equipment	1/1/18	$25,000	SL	5	$0	($5,000)	NO	MACRS GDS	HY	5
Furniture	12/1/19	$35,000	SL	7	$0	($5,000)	NO	MACRS GDS	MQ	7
Warehouse Equipment	12/1/20	$100,000	SL	7	$0	($1,190)	YES	MACRS GDS	N/A	7
						($11,190)					$0

This question requires me to compute the final taxable income using the information given. The depriciation table is a part of the same question .

please solve using this . disregard the previous information. ignore the depriciation for this question

Book Tax Worksheet Depreciation Schedule ABC, Inc. - 2020 Book/Tax Reconciliation Worksheet Book. Description (Dr Book-Tax Adjustments Tax Cr (Dr) Cr (Dr) Fav. Cr-Unfav. Revenue from sales $10,000,000 $10,000,000 Returnes and allowances ($500,000) (S500,000) Cost of goods sold ($4.000.000) (S4,000,000) Gross profit $5,500,000 55,500,000 Other income: NA NA Dividends' S50,000 S50,000 Corporate bond interest S50,000 Municipal bond interest $20,000 Life insurance proceeds (key person) $100,000 Net capital gains (loss) S100.000 Gross income $5.820,000 NA NA Expenses/Deductions: NA NA Salaries (5999,000) Taxes (state, local and payroll) and licenses (S600.000) Interest - loan used to purchase corporate bonds ($7,500) Interest - loan used to purchase municipal bonds (55,000) Depreciation (S11.190) Advertising ($300,000) Employee benefits (S60,000) Meals (S50,000) Entertainment (S70,000) Life insurance premiums (key person) (S21.000) Federal income tax expense (S776.225) Total expenses/deductions before NOL and DRD ($2.899,915) Net income per books/tax inc before NOL. and DR162.920,085 NA NA NOL carryover from prior year SO DRD SO Net income per books/taxable income $2.920,085 NA NA 'Dividends received from a less-than-20% owned US Corp.; note: 100% of the dividend income is included in gross income for tax purpses, the DRD is included separately in row 30 *This does not include federal income taxes See Depreciation Schedule, you will need to calculate 2020 tax depreciation "This number is used only for illustrative purposes only as most students have not yet covered accounting for income taxes. For purposes of this exercise, assume that this is the correct federal income tax expense. "Corporation has $6,250 NOL carryover Book Tax Worksheet Depreciation Schedule ABC, Inc. - 2020 Book/Tax Reconciliation Worksheet Book. Description (Dr Book-Tax Adjustments Tax Cr (Dr) Cr (Dr) Fav. Cr-Unfav. Revenue from sales $10,000,000 $10,000,000 Returnes and allowances ($500,000) (S500,000) Cost of goods sold ($4.000.000) (S4,000,000) Gross profit $5,500,000 55,500,000 Other income: NA NA Dividends' S50,000 S50,000 Corporate bond interest S50,000 Municipal bond interest $20,000 Life insurance proceeds (key person) $100,000 Net capital gains (loss) S100.000 Gross income $5.820,000 NA NA Expenses/Deductions: NA NA Salaries (5999,000) Taxes (state, local and payroll) and licenses (S600.000) Interest - loan used to purchase corporate bonds ($7,500) Interest - loan used to purchase municipal bonds (55,000) Depreciation (S11.190) Advertising ($300,000) Employee benefits (S60,000) Meals (S50,000) Entertainment (S70,000) Life insurance premiums (key person) (S21.000) Federal income tax expense (S776.225) Total expenses/deductions before NOL and DRD ($2.899,915) Net income per books/tax inc before NOL. and DR162.920,085 NA NA NOL carryover from prior year SO DRD SO Net income per books/taxable income $2.920,085 NA NA 'Dividends received from a less-than-20% owned US Corp.; note: 100% of the dividend income is included in gross income for tax purpses, the DRD is included separately in row 30 *This does not include federal income taxes See Depreciation Schedule, you will need to calculate 2020 tax depreciation "This number is used only for illustrative purposes only as most students have not yet covered accounting for income taxes. For purposes of this exercise, assume that this is the correct federal income tax expense. "Corporation has $6,250 NOL carryover