Timpsnogoa Incorporeted is an eccusi$-$method, csiender$-$yesr corporstion. For $2023,$ it reported financisl statement income after

toxes of $$1,369,100.$ Timponogos provided the following informetlon relating to its sctivites for the year:

Life insurance procesds as a result of CEO's doath

Rovenue from sales $($for both book and tax purposes$)]$

Prenlues pald on the kcy$-$person life Insurance policies. The policies hawe no cash surrender value.

Ouritable contriliutions

Cost of goods sold for book and tax purposes

Interest lncane on tax$-$exompt bands

Interest paid on loan obtained to purchase tax$-$ement bonds

Acntal income payents recelved and earnod in $2a23$

fontal income payments recelved in $2822$ but earnod in $2023$

fiontal income payents rocelved in $2823$ but not earnod by year$-$end

Tac doepeciation

Book. Dspreciation

Not capital loss

Fodoral incose tax empinse for books

Required:

a$.$ Reconcle book income to tsxsble income for Timpsnogos Incorporsted. Be sure to stsrt with book income snd identify sill of the

odjustmenta necesasry to srrive at toxable income.

b$.$ Identify esch book$-$tox difference ss either permenent $($P$)$ ortemporery $($T$).$

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

d$.$ Compute Timpenogos Incorporsted's tsx lisbility$-$

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

Ro$$uired $2$

and $B$

book$-$tax difference as ether permanent $(P)$ or temparary $(T).$

Note: Neqative amounts should be indicated by a minus siqn. Leave no anawer blank. Enter zero if applicable.