Reconciliation of Book Income to Taxable Income Ramsey Corporation, a C corporation, reports the following results for the current year: Net income per books 650,000 Federal income tax (book) 221,000 Tax-exempt interest income 5,000 MACRS/Tax depreciation 140,000 Book depreciation 120,000 Capital loss 12,000 Insurance premiums on life of corporate officer (Ramsey is the beneficiary of the policy) 25,000 Charitable contributions 98,000 Cash dividends paid 20,000 Dividends received from a small equity investment, own less than 10% of entity 3,000 1. Prepare a Schedule M-1 in Excel reconciling Ramsey's book income to its taxable income. Be sure to insert formulas for all calculations. Your M-1 spreadsheet should mirror the 1120 M-1. Prepare supporting schedules for calculations. (Also be sure to use a font and size that is readable without a magnifying glass!) 2. Name the code section which gives the rules associated with the limitations on the following deductions: a. Charitable contribution b. Capital loss c. Dividends received deduction 3. Assume zero estimates were paid in during the year, calculate the tax due. Ignore any type of penalties that may apply. Do not calculate the alternative minimum tax.