Question: 2. LO.6 Using the categories in the following legend, classify each transaction as a plus (+) or minus () on Schedule M2 of Form 1120S.

2. LO.6 Using the categories in the following legend, classify each transaction as a plus (+) or minus () on Schedule M2 of Form 1120S. An answer might look like one of these: +AAA or OAA.

2. LO.6 Using the categories in the following legend, classify each transaction

Receipt of tax-exempt interest income.

a. Administrative expenses.

b. Depreciation recapture income.

c. Nontaxable life insurance proceeds.

d. Expenses related to tax-exempt securities.

e. Charitable contributions.

f. Business gifts in excess of $25.

g. Nondeductible fines and penalties.

Legend AAA = Accumulated adjustments account OAA= Other adjustments account NA = No direct effect on ScheduleM-2

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