Timpanogos Incorporated is an accrual$-$method, calendar$-$year corporation. For $2022,$ it reported financial statement income after taxes of $$1,436,850.$ Timpanogos provided the following information relating to its $2022$ activities:

Life insurance proceeds as a result of CEO's death $ $214,000$

Revenue from sales $($for both book and tax purposes$)2,140,000$

Premiums paid on the key$-$person life insurance policies. The policies have no cash surrender value. $22,400$

Charitable contributions $192,600$

Cost of goods sold for book and tax purposes $321,000$

Interest income on tax$-$exempt bonds $42,800$

Interest paid on loan obtained to purchase tax$-$exempt bonds $48,150$

Rental income payments received and earned in $202216,400$

Rental income payments received in $2021$ but earned in $202210,700$

Rental income payments received in $2022$ but not earned by year$-$end $32,100$

Tax depreciation $58,500$

Book Depreciation $26,400$

Net capital loss $44,800$

Federal income tax expense for books in $2022331,700$

Required:

A$.$ 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.

B$.$ Complete Schedule M$-1$ for Timpanogos.

C$.$ Compute Timpanogos Incorporated's tax liability.