Timpanogos Incorporated is an accrual$-$method, calendar$-$year corporation. For $2022,$ it reported financial statement income after taxes of $$1,626,550.$ Timpanogos provided the following information relating to its $2022$ activities:Timponogos Incorporsted is an sccrusl$-$method, calendsr$-$year corporstion. For $2022,$ it reported financial statement income after

toxes of $$1,626,550.$ Timpanogos provided the following information relating to its $2022$ activities:

Required:

a$.$ Reconcile book income to toxable income for Timponogos Incorporsted. Be sure to stort with book income and identify all of the

odjustments necessary to arrive st toxable income.

b$.$ Identify each book$-$tox difference as either permanent $(P)$ or temporary $(T).$

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

d$.$ Compute Timponogos Incorporated's tox liability.

Complete this question by entering your answers in the tabs below.

Required $A$

and $B$

Complete Schedule M$-1$ for Timpanagos.

Note: Enter all values as positive numbers.

Life insurance proceeds as a result of CEO's death $ $242,000$

Revenue from sales $($for both book and tax purposes$)2,420,000$

Premiums paid on the key$-$person life insurance policies. The policies have no cash surrender value. $25,200$

Charitable contributions $217,800$

Cost of goods sold for book and tax purposes $363,000$

Interest income on tax$-$exempt bonds $48,400$

Interest paid on loan obtained to purchase tax$-$exempt bonds $54,450$

Rental income payments received and earned in $202219,200$

Rental income payments received in $2021$ but earned in $202212,100$

Rental income payments received in $2022$ but not earned by year$-$end $36,300$

Tax depreciation $65,500$

Book Depreciation $29,200$

Net capital loss $50,400$

Federal income tax expense for books in $2022375,100$

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.