Read the tollowing situation. Assume that all transactions below are incurred by a regular corporation. For each item listed in the Calculation worksheet, determine whether the transaction causes a temporary or permanent difference or both. Place the amount of the temporary/permanent difference in the appropriate cell. Where the amount is negative, be sure to include the negativeasparentheses on either side. Where the item causes no difference, write "O" in BOTH the Temporary Difference and Permanent Difference columns. If there is a temporary difference, determine whether it is likely to reverse within a year (short-term) or reverse in the long- term. Place an "S" or "L" in the Short or Long Term Column accordingly. (Where the item may be either "S" or "L", use "S". where the Item is Permanent, enter NA.") Taxable Income Temporary Long Permanentper Tax Return Item per Income Short or Description of Transaction Statement Difference Term Difference Interest received on tax-exempt bonds was $23,000 23,000.00 0.00 NA 23,000.00 0.00 A $5,000 capital loss was incurred There were no capital gains to offset this loss Meals and entertainments were $7,800 for book purposes Fines and penalties paid this year totaled $1,210 Ajudgment for damages of $800 was handed down by a local court. It has not yet been paid Amortization of goodwill for tax purposes was $4,200 Depreciation expense for boolk purposes is $12,200. Depreciation expense for tax purposes is $14,000 Bad debt for tax purposes was $8,400. Under the accrual method $9,700 of bad debt expense was accrued