Required: a. Reconcile book income to taxable income for Timpanogos incorporated. Be sure to start with book income and identify all of the adjustments necessary to arrive at taxable income. b. Identify each book-tax difference as either permanent (P) or temporary (T). c. Complete Schedule M-1 for Timpanogos. d. Compute Timpanogos Incorporated's tax liability for 2021 . Complete Schedule M-1 for Timpanogos. (Enter all values as positive numbers.) \begin{tabular}{|l|l|} \hline Schedule M-1: Reconciliation of Income (Loss) per Books With Income per Return \\ \hline 1. Net income (loss) per books & \\ \hline 2. Federal income tax per books \\ \hline 3. Excess of capital losses over capital gains \\ \hline 4. Income subject to tax not recorded on books this year (itemize) & \\ \hline Rental income & \\ \hline 5. Expenses recorded on books this year not deducted on this return (itemize): \\ \hline a. Depreciation & \\ \hline b. Charitable contributions & \\ \hline c. Travel and entertainment & \\ \hline Interest paid to obtain tax-exempt bonds & \\ \hline Life insurance premiums & \\ \hline 6. Total & \\ \hline 7. Income recorded on books this year not included on this return (itemize) \\ \hline Tax-exempt interest & \\ \hline Life insurance proceeds from CEO's death & \\ \hline 8. Deductions on this return not charged against book income this year (ttemize): & \\ \hline a. Depreciation & \\ \hline b. Charitable contributions & \\ \hline Section 263 A costs & \\ \hline 9. Total & \\ \hline 10. Income & \\ \hline \end{tabular} Required: a. Reconcile book income to taxable income for Timpanogos incorporated. Be sure to start with book income and identify all of the adjustments necessary to arrive at taxable income. b. Identify each book-tax difference as either permanent (P) or temporary (T). c. Complete Schedule M-1 for Timpanogos. d. Compute Timpanogos Incorporated's tax liability for 2021 . Complete Schedule M-1 for Timpanogos. (Enter all values as positive numbers.) \begin{tabular}{|l|l|} \hline Schedule M-1: Reconciliation of Income (Loss) per Books With Income per Return \\ \hline 1. Net income (loss) per books & \\ \hline 2. Federal income tax per books \\ \hline 3. Excess of capital losses over capital gains \\ \hline 4. Income subject to tax not recorded on books this year (itemize) & \\ \hline Rental income & \\ \hline 5. Expenses recorded on books this year not deducted on this return (itemize): \\ \hline a. Depreciation & \\ \hline b. Charitable contributions & \\ \hline c. Travel and entertainment & \\ \hline Interest paid to obtain tax-exempt bonds & \\ \hline Life insurance premiums & \\ \hline 6. Total & \\ \hline 7. Income recorded on books this year not included on this return (itemize) \\ \hline Tax-exempt interest & \\ \hline Life insurance proceeds from CEO's death & \\ \hline 8. Deductions on this return not charged against book income this year (ttemize): & \\ \hline a. Depreciation & \\ \hline b. Charitable contributions & \\ \hline Section 263 A costs & \\ \hline 9. Total & \\ \hline 10. Income & \\ \hline \end{tabular}