Timpanogos Incorporated is an accrual$-$method, calendar$-$year corporation. For $2023,$ it reported financial statement income after taxes of $$1,477,500.$ Timpanogos provided the following information relating to its activities for the year:

$\backslash$table$[[$Life insurance proceeds as a result of CEO's death,$],[$Revenue from sales $($for both book and tax purposes$),$$$220,000$