Timpanogos Incorporated is an accrual-method, calendar-year corporation. For 2021, it reported financial statement income after taxes of $1,503,040. Timpanogos provided the following information relating to its 2021 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. Qualified 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 2021 Rental income payments received in 2020 but earned in 2021 Rental income payments received in 2021 but not earned by year-end Tax depreciation Book Depreciation Net capital loss Federal income tax expense for books in 2021 $ 224,000 2,240,000 23,520 201,600 336,000 44,800 50,400 16,800 11,200 33,600 61,600 28,000 47,040 347,200 c. Complete Schedule M-1 for Timpanogos. d. Compute Timpanogos Incorporated's tax liability for 2021. Complete Schedule M-1 for Timpanogos. (Enter all values as positive numbers.) Schedule M-1: Reconciliation of Income (Loss) per Books With Income per Return 1. Net income (loss) per books 2. Federal income tax per books 3. Excess of capital losses over capital gains 4. Income subject to tax not recorded on books this year (itemize): Rental income $ 1,503,040 347,200 0 0 5. Expenses recorded on books this year not deducted on this return (itemize): a. Depreciation b. Charitable contributions c. Travel and entertainment 28,000 2,016,000 Interest paid to obtain tax-exempt bonds 50,400 Life insurance premiums 23,520 6. Total 3,968,160 7. Income recorded on books this year not included on this return (itemize): Tax-exempt interest Life insurance proceeds from CEO's death 224,000 8. Deductions on this return not charged against book income this year (itemize): a. Depreciation 33,600 b. Charitable contributions Section 263A costs 9. Total 10. Income $ 257,600 $ 1,691,200 Compute Timpanogos Incorporated's tax liability for 2021. Tax liability