Complete Schedule M-1 for each of the following cases:

Required:

1. Corporate financial statement: net income of $57,000 including tax expense of $17,000, charitable contributions of $3,000, and depreciation expense of $40,000. Depreciation expense for tax purposes is $49,200.
2. Corporate financial statement: net income of $147,000 including tax expense of $71,000, charitable contributions of $28,000, depreciation expense of $108,000, and meals expenses of $33,000. Depreciation expense for tax purposes is $151,000.
3. Corporate financial statement: net income of $235,000 including tax expense of $114,600, charitable contributions of $16,000, municipal bond interest of $21,600, meals expenses of $47,000, capital gains of $7,000, and depreciation expense of $149,000. Depreciation expense for tax purposes is $136,000, and the corporation has a $7,700 charitable contribution carryforward for the current year.

Answer rating: 100% (QA)

Schedule M1 for the Corporate financial statement net income of 57000 includi... View the full answer