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:

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 value.

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 $2022$

Rental income payments received in $2021$ but earned in $2022$

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

Tax depreciation

Book Depreciation

Net capital loss

Federal income tax expense for books in $2022$

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

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

d$.$ Compute Timpanogos Incorporated's tax liability.Complete this question by entering your answers in the tabs below.

Required A and $B$

Schedule M$1$ book$-$tax difference as either permanent $(P)$ or temporary $(T).$

Note: Negative amounts should be indicated by a minus sign. Leave no answer blank. Enter zero if applicable.

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