Problem 15-57 (LO 15-5) Complete Schedule M-1 for each of the following cases: Required: a. Corporate financial statement: net income of $52,000 including tax expense of $15,000, charitable contributions of $3,000, and depreciation expense of $37,000. Depreciation expense for tax purposes is $46,000 b. Corporate financial statement: net income of $139,000 including tax expense of $68,000, charitable contributions of $28,000. depreciation expense of $103,000, and meals expenses of $31,000. Depreciation expense for tax purposes is $145,000. c. Corporate financial statement: net income of $226,000 including tax expense of $111.000, charitable contributions of $16,000, municipal bond interest of $19,000, meals expenses of $41,000, capital gains of $6,000, and depreciation expense of $142,000. Depreciation expense for tax purposes is $131,000, and the corporation has a $7,000 charitable contribution carryforward for the current year Answer is complete but not entirely correct. Complete the question by entering your answers in the tabs below. Required a Required b Required c Complete the question by entering your answers in the tabs below. Required a Required Required Corporate Financial statement: net income of 52,000 Including tax expense of $15,000, charitable contributions of $3,000, and depreciation expense of $37,000. Depreciation expense for ta $46,000. (Input all values as positive numbers.) Schedule M1 Reconciliation of Income (L00) per Books With Income per Return Note: The corporation may be required to fle Schedule M-3 se instructions) 1 Net income (ons) per books 52.000 income recorded on books this year not 2 Federal income tax per books 15.000 included on this return temize 3 Excess of captalles over capital gains Tux-exempt interest income subject to tax not recorded on books this year (temire) a Deductions on this return not charged S Expenses recorded on books inis year not deacted on this retum (emize) against book income this year (temize) Depreciation 37,000 a Depreciation 45.000 b Charitable contribution 3,000 Chantable contributions 3,000 cTravel and entertainment 49.000 40.000 9 Adde 7 and a 49,000 5 Addes 1 through 5 107.000 10 Income (page 1. line 28)-line less line 9 58.000 Requiredb> Complete the question by entering your answers in the tabs below. Required Required Required Corporate Financial statement, net income of $139,000 Including tax expense of $60,000, charitable contributions of $28,000, depreciation expense of $100,000, and meals expenses of 531,000. Der for tax purposes is $145,000. (Input all values as positive numbers.) Schedule M-1 Reconciliation of income (1.0-) per Books With Income per Return Note: The corporation may betegned of Schedule instructions 1 Nat income foss) per book 139.000 7 income recorded on books year not 2 Federal income tax per books 68.000 included on this rem tema 3 Excess of capital losses or capital gane Teem interest 4income to anot recorded on books this year temiz Expenses recorded on books this year nok deducted on this return temir) Depreciation Charitable contributions Travel and entertainment 103.000 28 000 31009 Deductions on this rolum no charged against book income this year tomize) a Depreciation Charitable contribution 145000 22400 Adding bough 162.000 360,000 9 Addles and 10 Income page 1. Ine 20) - Ina Blessina 167400 187,400 201.600
