This week we will expand upon last weeks M-1 Assignment. Below are the M-1 items for Purple Corp for 2018. You need to complete the Schedule M-1 (attached) and uploaded by Monday 8:00 a-m.. It might be easier to use the excel spreadsheet from last week first and then transfer the numbers to Schedule M. I'll give you a hint-Taxable income should be $398,800 The following information for 2018 relates to Purple Corp, a calendar year, accrual method taxpayer. Net Income per books (after-tax) Federal income tax per books Depreciation (amount deducted on GAAP financial statements) Depreciation (amount calculated for tax purposes under MACRS) Fine for Speeding tickets Amortization (GAAP) Amortization (Tax) Country Club Dues Accrued Vacation not deducted on 12/31/17 Return Accrued Vacation 12/31/18 (7,500 paid by 3/15/19) Allowance for Bad Debts on Balance Sheet12/31/17 Allowance for Bad Debts on Balance Sheet12/31/18 $250,000 122,250 145,000 130,000 6,250 0 10,750 11,000 15,000 25,000 13,200 15,750 Based on the above information, use Schedule M-1 (on page 5 of Form 1120) for Purple Corp. and upload the Schedule M-1