Required information [The following information applies to the questions displayed below.] Golf Corporation (GC), a calendar-year, accrual-method corporation, held its directors' meeting on December 15 of year 1. During the meeting the board of directors authorized GC to pay a $75,000 charitable contribution to the World Golf Foundation, a qualifying charity. (For all requirements, leave no answer blank. Enter zero if applicable and select "Not applicable" if no effect.) c. If GC actually pays $50,000 of this contribution on January 15 of year 2 and the remaining $25,000 on May 15 of year 2, what book-tax difference will it report associated with the contribution in year 1 (assume the income limit does not apply)? Is it favorable or unfavorable? Is it permanent or temporary? Year 1 Book-tax Difference Favorable or Unfavorable Temporary or Permanent