Comprehensive Problem $5-64($LO $5-1,$ LO $5-2,$ LO $5-3)($Algo$)$

Timpanogos Incorporated is an accrual$-$method, calendar$-$year corporation. For $2024,$ it reported financial statement income after taxes of $\backslash (\backslash$$ $1,653,650\backslash ).$ Timpanogos provided the following information relating to its activities for the year:

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 $\backslash ((\backslash$mathrm$\{$P$\})\backslash )$ or temporary $\backslash ((\backslash$mathrm$\{$T$\})\backslash ).$

c$.$ Complete Schedule M$-1$ for Timpanogos.

d$.$ Compute Timpanogos Incorporated's tax liability. a$.$ compute impanogos incorporateds tax iladily.

Answer is not complete.

Complete this question by entering your answers in the tabs below.

Required A and B

Required C

Required $\backslash ($ D $\backslash )$

Complete Schedule M$-1$ for Timpanogos.

Note: Enter all values as positive numbers.

$\backslash$begin$\{$tabular$\}\{|$c$|$c$|\}$

$\backslash$hline $\backslash$multicolumn$\{2\}\{|$l$|\}\{$Schedule M$-1$: Reconciliation of Income $($Loss$)$ per Books With Income per Return$\}\backslash \backslash$

$\backslash$hline $1.$ Net income $($loss$)$ per books & $\backslash$$ $1,653,650\backslash \backslash$

$\backslash$hline $2.$ Federal income tax per books & $381,300\backslash \backslash$

$\backslash$hline $3.$ Excess of capital losses over capital gains & $51,200\backslash \backslash$

$\backslash$hline $4.$ Income subject to tax not recorded on books this year $($itemize$)$: & $\backslash \backslash$

$\backslash$hline Rental income & $\backslash (12,300\backslash$times $\backslash )\backslash \backslash$

$\backslash$hline $5.$ Expenses recorded on books this year not deducted on this return $($itemize$)$: & $\backslash \backslash$

$\backslash$hline a$.$ Depreciation & $\backslash \backslash$

$\backslash$hline b$.$ Charitable contributions & $\backslash (322,100\backslash$times $\backslash )\backslash \backslash$

$\backslash$hline c$.$ Travel and entertainment & $\backslash \backslash$

$\backslash$hline Interest paid to obtain tax$-$exempt bonds & $55,350\backslash \backslash$

$\backslash$hline Life insurance premiums & $25,600\backslash \backslash$

$\backslash$hline $6.$ Total & $2,501,500\backslash \backslash$

$\backslash$hline $7.$ Income recorded on books this year not included on this return $($itemize$)$: & $\backslash \backslash$

$\backslash$hline Tax$-$exempt interest & $\backslash$$ $49,200\backslash \backslash$

$\backslash$hline Life insurance proceeds from CEO's death & $246,000\backslash \backslash$

$\backslash$hline $8.$ Deductions on this return not charged against book income this year $($itemize$)$: & $\backslash \backslash$

$\backslash$hline a$.$ Depreciation & $36,900\backslash \backslash$

$\backslash$hline b$.$ Charitable contributions & $\backslash \backslash$

$\backslash$hline $9.$ Total & $\backslash$$ $332,100\backslash \backslash$

$\backslash$hline $10.$ Income & $\backslash \backslash$

$\backslash$hline

$\backslash$end$\{$tabular$\}$