Comprehensive Problem 05-62 (LO 05-1, LO 05-2, LO 05-3) (Static) Compute MV Corporation's 2021 taxable income given the following information relating to its year 1 activities. Also, compute MV's Schedule M-1 assuming that MV's federal income tax expense for book purposes is $100,000. Use Exhibit 16-6 . . Gross profit from inventory sales of $500,000 (no book-tax differences). 4 Dividends MV received from 25 percent-owned corporation of $100,000 (assume this is also MV's pro rata share of the distributing corporation's earnings). Expenses other than DRD, charitable contribution (CC), and net operating loss (NOL) are $350,000 (no book-tax differences). NOL carryover from 2020 of $10,000. Cash charitable contribution of $120,000. Assume the charitable donation is a qualified charitable contribution. Schedule M-1: Reconciliation of Income (Loss) per Books With Income per Return 1. Net income (loss) per books 2 Federal income tax per books 3. Excess of capital losses over capital gains 4. Income subject to tax not recorded on books this year (itemize) 5. Expenses recorded on books this year not deducted on this return (itemize): a Depreciation b. Charitable contributions c. Travel and entertainment 6. Total 7. Income recorded on books this yeat not included on this return (itemize): Tax-exempt interest 8 Deductions on this return not charged against book income this year (itemize) a Depreciation b. Charitable contributions 10. Income S 0 0