Schedule M-1 (LO 11.4) The Loquat Corporation has book net income of $163,000 for the current year. Included in this figure are the following items, which are reported on the corporation's Schedule M-1, Reconciliation of Income (Loss) per Books with Income per Return Federal income tax expense $24,450 32,600 14,670 Depreciation deducted on the books which is not deductible for tax purposes Deduction for 50 percent of meals expense which is not allowed for tax purposes Deduction for a tax penalty not allowed for tax purposes Tax-exempt interest income included in book income but not in tax income 6,520 9,780 Calculate Loquat Corporation's taxable income for the current year based on the information given. Problem 11-9 Schedule M-1 (LO 11.4) Caloundra Corporation has book income of $40,000. Included in the book income is $3,000 of tax-exempt interest, $7,000 of book income tax expense, and a $2,000 non-deductible fine. Also included in book income are $10,000 of dividends Caloundra received from a 30% owned corporation, Using this information and Form 1120, provide the amounts that go on each line on the form. Click here to access a blank Form 1120 and accompanying instructions. a. Form 1120, Schedule M-1 Line 1 Form 1120, Schedule M-1, Line 10 b. Form 1120, Page 1, Line 28 Form 1120, Schedule C, Line 2(a) Form 1120, Schedule C, Line 2(c) Form 1120, Schedule C, Line 24 Form 1120, Page 1, Line 29b Form 1120, Page 1, Line 30