QUESTION 29 Camden Corporation, a calendar year accrual basis corporation, reported 55 milion of net income tax on a current and woments prepared in a w GAAP. In addition, the following information is available from Camden's books and record Federal income tax expense per books was 1.5 million Camden incurred $30,000 of meals and $25,000 of entertainment expenses . Camden sold two pieces of equipment une din its business for total sales proceeds of $400,000. The equipment's original cost was $2 milion Book depreciation or sale totaled $1.2 million, tax depreciation totaled $1.5 million . Camden uses the reserve method of accounting for bad debts. Additions to the reserve during the year toaded $100.000. Accounts receivable actually written off our the year totaled $450,000 Camden's depreciation expense for book purposes totaled $900,000. Tax depreciation computed under MACRS IS $1.25 million Required: Compute Camden's taxable income and calculate its tax liability @30% Arial 3 (12pt) TT TT Paragraph : X DOO O Sx Mashup T'T WTH US th:P zue and Submit to save and submit. Click Save All Answers to save all answers