Timpanogos Inc. is an accrual-method calendar-year corporation. For 2020, it reported financial st $1,342,000. Timpanogos provided the following information relating to its 2020 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 Charitable contributions Cost of goods sold for book and tax purposes Interest income on tax-exempt bonds Interest paid on loan obtained to purchase tax-exempt bonds Rental income payments received and earned in 2020 Rental income payments received in 2019 but earned in 2020 Rental income payments received in 2020 but not earned by year-end Tax depreciation Book Depreciation Net capital loss Federal income tax expense for books in 2020 Required: a. Reconcile book income to taxable income for Timpanogos Inc. Be sure to start with book incor necessary to arrive at taxable income. b. Identify each book-tax difference as either permanent (P) or temporary (T). c. Complete Schedule M-1 for Timpanogos. i.t-..1:-1:1:1...2020 c. Complete Schedule M-1 for Timpanogos. d. Compute Timpanogos Inc.'s tax liability for 2020. Complete this question by entering your answers in the tabs below. Req A and B Reqc ReqD Reconcile book income to taxable income for Timpanogos Inc. Be sure to start with book income and ide Identify each book-tax difference as either permanent (P) or temporary (T). (Negative amounts should applicable.) Description Book Income (Dr Revenue from sales (Dr) Cr $ 2,000,000 (300,000) $ 1,700,000 Cost of goods sold (60 Gross profit Other income: Life insurance proceeds from CEO's death Interest income on tax-exempt bonds Rental income Croce inrama 1 700 nnn Gross profit $ 1,700,000 Other income: Life insurance proceeds from CEO's death Interest income on tax-exempt bonds Rental income Gross income $ 1,700,000 Expenses: Interest paid to obtain tax-exempt bonds Net capital loss Depreciation Life insurance premiums Federal income tax expense Total expenses before charitable contribution, NOL, and DRD 0 Income before charitable contribution, NOL, and DRD NOL carryover from prior year Taxable income for charitable contribution limitation purposes Charitable contributions Book/Taxable income $ 0 $ Timpanogos Inc. is an accrual-method calendar-year corporation. For 2020, it reported financial st $1,342,000. Timpanogos provided the following information relating to its 2020 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 Charitable contributions Cost of goods sold for book and tax purposes Interest income on tax-exempt bonds Interest paid on loan obtained to purchase tax-exempt bonds Rental income payments received and earned in 2020 Rental income payments received in 2019 but earned in 2020 Rental income payments received in 2020 but not earned by year-end Tax depreciation Book Depreciation Net capital loss Federal income tax expense for books in 2020 Required: a. Reconcile book income to taxable income for Timpanogos Inc. Be sure to start with book incor necessary to arrive at taxable income. b. Identify each book-tax difference as either permanent (P) or temporary (T). c. Complete Schedule M-1 for Timpanogos. i.t-..1:-1:1:1...2020 c. Complete Schedule M-1 for Timpanogos. d. Compute Timpanogos Inc.'s tax liability for 2020. Complete this question by entering your answers in the tabs below. Req A and B Reqc ReqD Reconcile book income to taxable income for Timpanogos Inc. Be sure to start with book income and ide Identify each book-tax difference as either permanent (P) or temporary (T). (Negative amounts should applicable.) Description Book Income (Dr Revenue from sales (Dr) Cr $ 2,000,000 (300,000) $ 1,700,000 Cost of goods sold (60 Gross profit Other income: Life insurance proceeds from CEO's death Interest income on tax-exempt bonds Rental income Croce inrama 1 700 nnn Gross profit $ 1,700,000 Other income: Life insurance proceeds from CEO's death Interest income on tax-exempt bonds Rental income Gross income $ 1,700,000 Expenses: Interest paid to obtain tax-exempt bonds Net capital loss Depreciation Life insurance premiums Federal income tax expense Total expenses before charitable contribution, NOL, and DRD 0 Income before charitable contribution, NOL, and DRD NOL carryover from prior year Taxable income for charitable contribution limitation purposes Charitable contributions Book/Taxable income $ 0 $