What you need to do is find the taxable income and tax liability with the financial records provided above

Tax rate 21%

20 points ABC, Inc., a calendar year, accrual basis corporation, reported $1,005,000 book income on its financial statements prepared in accordance with GAAP. The corporation's financial records reveal the following information: ABC was paid life insurance proceeds of $100,000 from the passing of a key executive. ABC earned $2,700 on an investment in tax-exempt municipal bonds. ABC's depreciation expense per books was $44,200, and its MACRS depreciation deduction was $131,000. ABC recorded bad debts expense of $59,200 on its books using the allowance method; it wrote of $28,400 of bad debts. ABC recorded $12,000 of Key Man Life Insurance Premiums that it paid for the Executives. ABC's Board of Directors decided that the CEO should receive a $50,000 bonus as additional compensation. ABC paid the bonus on March 1, 2022. Compute the necessary book to tax adjustments needed to calculate ABC's taxable income and tax liability