https://ezto.mheducation.com/ext/map/index.html?_con=conexternal_browser=0launchUrl=https%253A%252 Saved apters 10 11 Homework i - You received partial credit In the previous attempt FG, a calendar year, accrual basis corporation, reported $479,900 net income after tax on its financial statements prepared in accordance with GAAP. The corporation's financial records reveal the following Information: EFG earned $10,700 on an Investment in tax-exempt municipal bonds. FG's allowance for bad debts as of January 1 was $21,000. Write offs for the year totaled $4,400, while the addition to the allowance was $3,700. The allowance as of December 31 was $20,300. eBook On August 7, EFG paid a $6,000 fine to a municipal government for a violation of a local zoning ordinance EFG's depreciation expense per books was $44.200, and its MACRS depreciation deduction was $31,000. This Is EFG's second taxable year. In its first taxable year, It recognized an $8,800 net capital loss. This year, it recognized a $31,000 References Section 1231 gain on the sale of equipment. This was EFG's only disposition of noninventory assets. In its first taxable year, EFG capitalized $6.900 of organizational costs for tax purposes and elected to amortize the costs over 180 months. For book purposes, It expensed the costs. EFG's federal income tax expense per books was $151,000. Required: . Compute EFG's taxable Income and regular tax. b. Prepare a Schedule M-1, page 6, Form 1120, reconciling EFG's book and taxable income. Complete this question by entering your answers in the tabs below. Required A Required B Prepare a Schedule M-1, page 6, Form 1120, reconciling EFG's book and taxable income. 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. Enter your answers in whole dollars not in millions. Do not round any intermediate division. Show less + Prev 1 of 6 Next Type here to search O ? 12 13- 16 10 f7 144 DDI @ 2 # 3 $ % 4 5 8 W E R T Y P S D F G H K X