Refer to the question attached:

Required: Timpanogos Inc. is an accrualmethod= calendaryear corporation. For 2020, it reported a nancial statement income aer taxes of $1,342,000. Timpanogos provided the following information relating to its 2020 activities: Life insurance proceeds as a result of the CEO's death $200,000 Revenue from sales [for both book and tax purposes) 2,000,000 Premium paid on the keyperson life insurance. 21,000 The policies have no cash surrender value Charitable contributions 180,000 Cost of goods sold for book and an; purposes 300,000 Interest income on taxexempt bonds 40,000 Interest paid on loan obtained to purchase taxexempt bonds 45,000 Rental income payments received and earned in 2020 15,000 Rental income payments were received in 2019but earned in 2020 10,000 Rental income payments received in 2020 but not earned by yearend 30,000 Tax depreciation 55,000 Book depreciation 25,000 Net capital loss 42,000 Federal income tax expense for books in 2020 3 10,000 a) Reconcile book income to taxable income for Timpanogos page Be sure to start with book income and identify all the adjustments necessary to arrive at taxable income b) Identify each booktax difference as either permanent or temporary. c) Complete Schedule Ml for Timpanogos. d) Compute Timpanogos Inc. 's tax liability for 2020