Problem 2 (Accrual to Modified Cash Basis, Adjustments needed for Form 1120 Page 1) Bravo Corporation (the Company) maintains its books and records on the accrual basis of accounting and qualifies and files its federal and Virginia income tax returns on a modified cash basis of accounting. The Company files as C Corporation on a calendar year. The Company's trial balances, as of and for the years ended December 31, 2022, and 2021 are as follows. Bravo Corporation Trial Balance 12.31.22 Cash Accounts receivable Equipment Accumulated depreciation Accounts payable Debits Credits 100,000 200,000 750,000 200,000 Unpaid wages Common stock Retained earnings Sales Salaries and Wages 1,200,000 Other deductions 550,000 Depreciation Taxes (Virginia Income) 15,000 2,000 75,000 25,000 5,000 512,000 2,000,000 2,817,000 2,817,000 Bravo Corporation Trial Balance 12.31.21 Debits Credits Cash 90,000 Accounts receivable 450,000 Equipment 750,000 Accumulated depreciation 185,000 Accounts payable 20,000 Unpaid wages 15,000 Common stock Retained eamings 5,000 745,000 Sales 1,750,000 Salaries and Wages 775,000 Other deductions 625,000 Depreciation 15,000 Taxes (Virginia Income) 15,000 2,720,000 2,720,000