Reconcile ABC Corp. book income to taxable income and identify each book-tax difference as favorable and unfavorable. You must show complete detail reconciliation. Calculate ABC Corp Income tax liability. Revenues 500,000.00 Tax exempt Interest income 3,000.00 Life insurance Proceeds 40,000.00 other operating Expenses (400,000.00) Excess Capital Losses (2,000.00) Premium Paid Life insurance (4,600.00) Interest on tax exempt (2,000.00) Federal Income Tax (20,100.00) Net Income 114,300.00