Timpanogos Incorporated is an accrual-method, calendar-year corporation. For 2022, it reported financial statement income after taxes of $1,491,050. 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 i Interest paid on loan obtained to purchase tax-exempt bonds Rental incone 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 5 Required: $ 222,000 2,220,000 23,200 199,800 333,000 44,400 49,950 17,200 11,100 33,300 60,500 27,200. 46,400 344,100) 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.