ToberRing, Inc is a U.S. retailer that uses the accrual method. They reported the following financial accounting operating results on their GAAP financials for 2022: Book Sales 1,050,000 Cost of goods sold (650,000) Dividend from a 40% owned corporation 25,000 Net long-term capital gains 5,000 Interest from State of Oklahoma bonds 5,000 Interest from Corporate Bonds 25,000 Total income Salaries and wages Repairs Bad debts 120,000 25,000 10,000 Advertising Depreciation Charitable Contributions 20,000 80,000 45,000 Meals 15,000 Total expenses Book income before taxes Tax Expense per books Net Income per books Total Income on the Tax return (line 11) Total deductions on the tax return (line 27) Taxable income before....(line 28) Taxable income per tax return (line 30) NOL DRD Adjustments Tax Return MACRS depreciation was $75,000 They actually wrote off $12,000 in bad debts They had a Net Capital Loss Carryover of $15,000 They had a Net Operating Loss carryover of $20,000 Don't forget permanent differences including the DRD when calculating tax expense per the books Don't forget the charitable contribution limit calculation