Timpanogos Inc. is an accrual-method calendar-year corporation. For 2019. It reported financial statement Income after taxes of $1152000. Timpanogos provided the following Information relating to its 2019 activities: Life insurance proceeds as a result of CEO's death Revenue from sales (for both book and tax purposes) Premiums paid on the key-person life insurance policies. The policies have no cash surrender value. Charitable contributions Cost of goods sold for book and tax purposes Interest income on tax-exempt bonds issued in 2018 Interest paid on loan obtained to purchase tax-exempt bonds Rental income payments received and earned in 2019 Rental income payments received in 2018 but earned in 2019 Rental income payments received in 2019 but not earned by year-end Tax depreciation Book Depreciation Net capital loss Federal Income tax expense for books in 2019 $ 200,000 2,eee, eee 21, eee 180,000 300,000 48 1,cee 45,000 15,899 10,000 30,000 55,600 25,000 42,000 500,000 Required: a. Reconcile book Income to taxable income for Timpanogos Inc. Be sure to start with book Income and Identify all of the adjustments necessary to arrive at taxable income. b. Identify each book-tax difference as either permanent (P) or temporary (1) c. Complete Schedule M-1 for Timpanogos d. Compute Timpanogos Inc.'s tax liability for 2019. Complete this question by entering your answers in the tabs below. Reg A and B Reg C Reg D Reconcile book income to taxable income for Timpanogos Inc. Be sure to start with book income and identify all of the adjustments necessary to arrive at taxable in Identify each book-tax difference as either permanent (P) or temporary (1), (Negative amounts should be indicated by a minus sign) Description Book Income Book-tax adjustments (Dr) Cr Revenue from sales Cost of goods sold (Dr) Cr 13 2.000.000 (800,000 Taxable Income (Dr) Cr $ 2.000.000 (310.000) (20,000 50.000 - g a Timpanogos Inc. is an accrual-method calendar-year corporation. For 2019. It reported financial statement Income after taxes of $1152000. Timpanogos provided the following Information relating to its 2019 activities: Life insurance proceeds as a result of CEO's death Revenue from sales (for both book and tax purposes) Premiums paid on the key-person life insurance policies. The policies have no cash surrender value. Charitable contributions Cost of goods sold for book and tax purposes Interest income on tax-exempt bonds issued in 2018 Interest paid on loan obtained to purchase tax-exempt bonds Rental income payments received and earned in 2019 Rental income payments received in 2018 but earned in 2019 Rental income payments received in 2019 but not earned by year-end Tax depreciation Book Depreciation Net capital loss Federal Income tax expense for books in 2019 $ 200,000 2,eee, eee 21, eee 180,000 300,000 48 1,cee 45,000 15,899 10,000 30,000 55,600 25,000 42,000 500,000 Required: a. Reconcile book Income to taxable income for Timpanogos Inc. Be sure to start with book Income and Identify all of the adjustments necessary to arrive at taxable income. b. Identify each book-tax difference as either permanent (P) or temporary (1) c. Complete Schedule M-1 for Timpanogos d. Compute Timpanogos Inc.'s tax liability for 2019. Complete this question by entering your answers in the tabs below. Reg A and B Reg C Reg D Reconcile book income to taxable income for Timpanogos Inc. Be sure to start with book income and identify all of the adjustments necessary to arrive at taxable in Identify each book-tax difference as either permanent (P) or temporary (1), (Negative amounts should be indicated by a minus sign) Description Book Income Book-tax adjustments (Dr) Cr Revenue from sales Cost of goods sold (Dr) Cr 13 2.000.000 (800,000 Taxable Income (Dr) Cr $ 2.000.000 (310.000) (20,000 50.000 - g a