12 $ 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...

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12 $ 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 Timpanogos Incorporated is an accrual-method, calendar-year corporation. For 2023, it reported financial statement income after taxes of $1,491,050. Timpanogos provided the following information relating to its activities for the year: 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 Interest paid on loan obtained to purchase tax-exempt bonds Rental income payments received and earned in 2023 Rental income payments received in 2022 but earned in 2023 Rental income payments received in 2023 but not earned by year-end Tax depreciation Book Depreciation Net capital loss Federal income tax expense for books Required: 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. Complete this question by entering your answers in the tabs below. Required A and B Required C Required D 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. Identify each book-tax difference as either permanent (P) or temporary (T). Note: Negative amounts should be indicated by a minus sign. Leave no answer blank. Enter zero if applicable. Description Revenue from sales Cost of goods sold Gross profit Other income: Life insurance proceeds from CEO's death Interest income on tax-exempt bonds Net capital loss Rental income Gross income Expenses: Interest paid to obtain tax-exempt bonds Depreciation Life insurance premiums Federal income tax expense Total expenses before charitable contribution, NOL, and DRD Income before charitable contribution, NOL, and DRD NOL carryover from prior year Taxable income for charitable contribution limitation purposes Charitable contributions (after 10% limit) Book or Taxable income Book Income (Debit) Credit Book-tax adjustments (Dobit) Permanent (P) or Temporary (T) Book-tax adjustments Credit Permanent (P) or Temporary (T) Taxable Income (Debit) Credit Required A and B Required C > Show less A 12 $ 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 Timpanogos Incorporated is an accrual-method, calendar-year corporation. For 2023, it reported financial statement income after taxes of $1,491,050. Timpanogos provided the following information relating to its activities for the year: 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 Interest paid on loan obtained to purchase tax-exempt bonds Rental income payments received and earned in 2023 Rental income payments received in 2022 but earned in 2023 Rental income payments received in 2023 but not earned by year-end Tax depreciation Book Depreciation Net capital loss Federal income tax expense for books Required: 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. Complete this question by entering your answers in the tabs below. Required A and B Required C Required D 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. Identify each book-tax difference as either permanent (P) or temporary (T). Note: Negative amounts should be indicated by a minus sign. Leave no answer blank. Enter zero if applicable. Description Revenue from sales Cost of goods sold Gross profit Other income: Life insurance proceeds from CEO's death Interest income on tax-exempt bonds Net capital loss Rental income Gross income Expenses: Interest paid to obtain tax-exempt bonds Depreciation Life insurance premiums Federal income tax expense Total expenses before charitable contribution, NOL, and DRD Income before charitable contribution, NOL, and DRD NOL carryover from prior year Taxable income for charitable contribution limitation purposes Charitable contributions (after 10% limit) Book or Taxable income Book Income (Debit) Credit Book-tax adjustments (Dobit) Permanent (P) or Temporary (T) Book-tax adjustments Credit Permanent (P) or Temporary (T) Taxable Income (Debit) Credit Required A and B Required C > Show less A