Timpanogos Incorporated is an accrual$-$method, calendar$-$year corporation. For $2023,$ it reported financial statement income after taxes of $$1,450,400.$ Timpanogos provided the following information relating to its activities for the year:Life insurance proceeds as a result of CEO's death$ $216,000$Revenue from sales $($for both book and tax purposes$)2,160,000$Premiums paid on the key$-$person life insurance policies. The policies have no cash surrender value$\mathrm{.}22,600$Charitable contributions$194,400$Cost of goods sold for book and tax purposes$324,000$Interest income on tax$-$exempt bonds$43,200$Interest paid on loan obtained to purchase tax$-$exempt bonds$48,600$Rental income payments received and earned in $202316,600$Rental income payments received in $2022$ but earned in $202310,800$Rental income payments received in $2023$ but not earned by year$-$end$32,400$Tax depreciation$59,000$Book Depreciation$26,600$Net capital loss$45,200$Federal income tax expense for books$334,800$Required:Reconcile book income to taxable income for Timpanogos Incorporated. Be sure to start with book income and identify all of the adjustments necessary to arrive at taxable income.Identify each book$-$tax difference as either permanent $($P$)$ or temporary $($T$).$Complete Schedule M$-1$ for Timpanogos.Compute Timpanogos Incorporated's tax liability.