Snell corporation had the following income and expense items for the corresponding tax years: Sales Revenue 2021 2022 600,000 600,000 Purchased $230,000 face value, 6-year, 5% tax-exempt municipal bonds when the market rate of interest was 8%. Interest is paid semi-annually on June 30 and December 31 (using effective-interest method). Snell will hold the bonds as trading securities. Operating Expenses 197,622 70,000 55,000 Cost of Equipment purchased 1/1 - 3 year life for book depreciation (Straight Line), $179 election (expense in year 1) made for tax depreciation 45,000 51,000 Snell borrowed a Line of Credit issued on March 31. Payment due plus 5% interest in two years. 114,000 Entertainment Expenses 10,000 16,000 Advertising Expenses 40,000 22,000 Wage expenses 200,000 220,000 Income Tax Rate 21% 21% (a) Calculate book income for 2020 (4.5 points) (b) Calculate book income for 2021 (4.5 points) (c) Calculate tax income for 2020 (4.5 points) (d) Calculate tax income for 2021 (4.5 points) (e) record the tax provision entry for 2020 (6 points) (f) record the tax provision entry for 2010 (6 points) (g) Excel formulas must be used Purchased $230,000 face value, 6-year, 5% tax- exempt municipal bonds when the market rate of interest was 8%. Interest is paid semi-annually on June 30 and December 31 (using effective- interest method). Snell will hold the bonds as trading securities. 197,622 Operating Expenses 70,000 55,000 Cost of Equipment purchased 1/1 - 3 year life for book depreciation (Straight Line), 179 election (expense in year 1) made for tax depreciation Snell borrowed a Line of Credit issued on March 31. Payment due plus 5% interest in two years. Entertainment Expenses 45,000 51,000 114,000 10,000 16,000 Advertising Expenses Wage expenses 40,000 22,000 200,000 220,000 Income Tax Rate 21% 21% (a) Calculate book income for 2020 (4.5 points) (b) Calculate book income for 2021 (4.5 points) (c) Calculate tax income for 2020 (4.5 points) (d) Calculate tax income for 2021 (4.5 points) (e) record the tax provision entry for 2020 (6 points) (f) record the tax provision entry for 2010 (6 points) (g) Excel formulas must be used