Question 23 10 pts Corporation, a calendar year accrual basis corporation, reported $5 million of net income after tax on its current year financial statements prepared in accordance with GAAP. In addition, the following information is available from G's books and recorde Federal income tax expense per books was $1.5 million Gincurred $30,000 of meals and $25,000 of entertainment expenses. Assume for tax purposes that the meal costs are 50% deductible and that the entertainment costs are not deductible. . sold two pieces of equipment used in its business for total sales proceeds of $400.000. The equipment's original cost was $2 milion. Book depreciation prior to sale totaled $1.2 million; tax depreciation totaled $1.5 million. Guses the reserve method of accounting for bad debts. Additions to the reserve during the year totaled $400.000. Accounts receivable actually written off during the year totaled $450,000. . G's depreciation expense for book purposes totaled $900,000. Tax depreciation computed under MACRS 5 $1.25 million Compute G's tax liability assuming a 21% corporate tax rate appliers