UESTION 29 Camden Corporation, a calendar year accrual basis corporation, reported $5 million of net income fare tav on le caure GAAP. In addition, the following information is available from Camden's books and records Federal income tax expense per books was 1.5 million Camden incurred $30,000 of meals and $25,000 of entertainment expenses Camden sold two pieces of equipment use din its business for total sales proceeds of $400,000. There sale totaled $1.2 million, tax depreciation totaled $1.5 million Camden uses the reserve method of accounting for bad debts. Additions to the reserve during the years the year totaled $450,000. Camden's depreciation expense for book purposes totaled $900,000. Tax deprecated computed under Required: Compute Camden's taxable income and calculate its tax liability @30%. anh Arial 3 (12pt) basis corporation, reported $5 million of net income after tax on its current year financial statements prepared in accordance with vailable from Camden's books and records: as 1.5 million 25,000 of entertainment expenses din its business for total sales proceeds of $400,000. The equipment's original cost was $2 million. Book depreciation prior to totaled $1.5 million unting for bad debts. Additions to the reserve during the year totaled $400,000. Accounts receivable actually written off during purposes totaled $900,000. Tax depreciation computed under MACRS is $1.25 million ts tax liability @30%. UESTION 29 Camden Corporation, a calendar year accrual basis corporation, reported $5 million of net income fare tav on le caure GAAP. In addition, the following information is available from Camden's books and records Federal income tax expense per books was 1.5 million Camden incurred $30,000 of meals and $25,000 of entertainment expenses Camden sold two pieces of equipment use din its business for total sales proceeds of $400,000. There sale totaled $1.2 million, tax depreciation totaled $1.5 million Camden uses the reserve method of accounting for bad debts. Additions to the reserve during the years the year totaled $450,000. Camden's depreciation expense for book purposes totaled $900,000. Tax deprecated computed under Required: Compute Camden's taxable income and calculate its tax liability @30%. anh Arial 3 (12pt) basis corporation, reported $5 million of net income after tax on its current year financial statements prepared in accordance with vailable from Camden's books and records: as 1.5 million 25,000 of entertainment expenses din its business for total sales proceeds of $400,000. The equipment's original cost was $2 million. Book depreciation prior to totaled $1.5 million unting for bad debts. Additions to the reserve during the year totaled $400,000. Accounts receivable actually written off during purposes totaled $900,000. Tax depreciation computed under MACRS is $1.25 million ts tax liability @30%