Question: Hello! Please assist me with required A - C below. For the Schedule M-1, it would really help if you could fill out the form
Hello! Please assist me with required A - C below. For the Schedule M-1, it would really help if you could fill out the form with the correct answers, as I am struggling with that. Please note that all information is provided in the screenshots below. Thank you!
Camden Corporation, a calendar year, accrual basis corporation, reported $5 million of net income after tax on its current year financial statements prepared in accordance with GAAP. In addition, the following information is available from Camden's books and records: Federal income tax expense per books was $1.5 million. Camden incurred $30,000 of meals and $25,000 of entertainment expenses. Camden sold two pieces of equipment used in its business for total sales proceeds of $400,000. The equipment's original cost was $2 million. Book depreciation prior to sale totaled $1.2 million; tax depreciation totaled $1.5 million. Camden uses the reserve method of accounting for bad debts. Additions to the reserve during the year totaled $400,000. Accounts receivable actually written off during the year totaled $450,000. Camden's depreciation expense for book purposes totaled $900,000. Tax depreciation computed under MACRS is $1.25 million.Complete this question by entering your answers in the tabs below. Required A Required B Required C Determine Camden's taxable income and regular tax liability. Note: Consider intermediate values in dollars and not in millions. Enter your answers in whole dollars not in millions. Amount Taxable income Regular tax liability Complete this question by entering your answers in the tabs below. Required A Required B Required C Complete Schedule M-1, page 5, Form 1120. Note: Any Expenses (Line 5) and Deductions (Line 8) that are not included under Depreciation, Charitable Contributions, and Travel and Entertainment should be combined in the corresponding line item "Other". Enter all amounts as positive. Consider intermediate values in dollars and not in millions. Enter your answers in whole dollars not in millions. Show less A Schedule M-1 Reconciliation of Income (Loss) per Books With Income per Return Note: The corporation may be required to file Schedule M-3. See instructions. Net income (loss) per books Income recorded on books this year not included on 2 Federal income tax per books this return (itemize): 3 Excess of capital losses over capital gains Tax exempt interest 4 Income subject to tax not recorded on books this year (itemize ) 0 5 Expenses recorded on books this year not deducted on 8 Deductions on this return not charged against book this retum (itemize): income this year (itemize): a Depreciation a Depreciation b Charitable contributions b Charitable contributions c Travel and entertainment c Other (include all items) 0 d Other (include all items) 0 9 Add lines 7 and a 6 Add lines 1 through 5 0 10 Income (page 1, line 28) - line 6 less line 9 THIS FORM IS A SIMULATION OF AN OFFICIAL U.S. TAX FORM. IT IS NOT THE OFFICIAL FORM ITSELF. DO NOT USE THIS FORM FOR TAX FILING S OR FOR ANY PURPOSE OTHER THAN EDUCATIONAL. @ 2024 McGraw-Hill Education. Complete this question by entering your answers in the tabs below. Required A Required B Required C Compute Camden's AFSI, tentative minimum tax, AMT (if any), and final tax due. AFSI Tentative minimum tax AMT Final tax due
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