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Western Corporation, a calendar year, accrual basis corporation, reported $500,000 of net income after tax on its financlal statements prepared in accordance with GAAP. The corporation's books and records reveal the following information: - Western's book income included $15,000 of dividends, receivd from a domestic corporation in which Western owns less than 1 percent of the outstanding stock. - Western's depreciation expense perbooks was $55,000, and its MACRS depreciation was $70,000. - Western earned $5,000 of interest from municipal bonds and $6,000 of interest from corporate bonds. - Western's capital losses exceeded its capital gains by $2,000. - Western's federal income tax expense per books was $103,000. Required: a. Compute Western's federal taxable income and regular tax liability. b. Prepare a Schedule M-1, page 6, Form 1120, reconciling Western's book and taxable income. Complete this question by entering your answers in the tabs below. Prepare a Schedule M-1, page 6, Form 1120, reconciling Western's book and taxable income. Note: Any Expenses (Line 5) and Deductions (Line 8) that are not inclujled under Depreciation, Charitable Contributio Entertainment should be combined in the corresponding line item "Other". Enter all amounts as positive. Enter your a in millions. Complete this question by entering your answers in the tabs below. Prepare a Schedule M-1, page 6, Form $120, reconciling Western's book and taxable income. Note: Any Expenses (Line 5) and Deductions (Line 8) that are notincluded under Depreciation, Charitable Contributic Entertainment should be combined in the corresponding line item "Other". Enter all amounts as positive, Enter your a in millions. Reconciliation of Income (Loss) per Books With Income per Return OR FOR ANY PURPOSE OTHER THAN EDUCATIONAL O 2023 MeGraw-Hill Education. - Western's depreciation expense per books was $55,000, and its MACRS depreciation was $70,000. - Western earned $5,000 of interest from municipal bonds and $6,000 of interest from corporate bonds. - Western's capital losses exceeded its capital gains by $2,000. - Western's federal income tax expense per books was $103,000. Required: a. Compute Western's federal taxable Income and regular tax liability. b. Prepare a Schedule M-1, page 6, Form 1120, reconciling Western's book and taxable income. Complete this question bylentering your answers in the tabs below. Compute Western's federal taxable income and regular tax liability. Note: Enter your answers in whole dollars not in millions