The income statement for the first year of operations of InterTax, Inc. is shown below. s Inter Tax Inc. INCOME STATEMENT Income Consulting fees 1,880,000 1,880,000 Tax-exempt interest 2,400 Interest income on bank accounts Total income 1,896,400 1,898,800 Expenses Organization expenses 5,707 15,600 Officer salaries 800,000 800.000 Salaries and wages 240,000 240,000 Rent 76,800 76,800 Utilities 12,000 12,000 Advertising 30,000 30.000 Repairs 2,000 2,000 Taxes 10,000 10,000 Employee benefits 2,000 2,000 Interest 10,000 10,000 7.000 7,000 Office supplies Depreciation 1,235,800 Total expenses 1,270,707 625,693 663,000 Net income before contributions Charitable contributions 583,000 Pre-tax income 563, 124 Federal tax expense Net income Note: There were no shareholder distributions during the year. Question 3: Complete Schedules M-1 and M-2 on the IRS Form 1120, U.S. Corporation lr for InterTax's first year of operations. Based on the data provided in the tab ti appropriate values in the shaded fields below. Note: The deduction for organizational expenses in the year was $5,707