I need help completing the below assignment.

Timpanogos Inc. is an accrual-method calendar-year corporation.

For 2018, it reported financial statement income after taxes of $1,152,000. Timpanogos provided the following information relating to its 2018 activities:

Life insurance proceeds as a result of CEO's death$200,000

Revenue from sales (for both book and tax purposes)2,000,000

Premiums paid on the key-person life insurance policies. The policies have no cash surrender value.21,000

Charitable contributions180,000

Cost of goods sold for book and tax purposes300,000

Interest income on tax-exempt bonds issued in 201740,000

Interest paid on loan obtained to purchase tax-exempt bonds45,000

Rental income payments received and earned in 201815,000

Rental income payments received in 2017 but earned in 201810,000

Rental income payments received in 2018 but not earned by year-end30,000

MACRS depreciation55,000

Book Depreciation25,000

Net capital loss42,000

Federal income tax expense for books in 2018500,000

Required:

1. Reconcile book income to taxable income for Timpanogos Inc. Be sure to start with book income and identify all of the adjustments necessary to arrive at taxable income.
2. Identify each book-tax difference as either permanent (P) or temporary (T).
3. Complete Schedule M-1 for Timpanogos.
4. Compute Timpanogos Inc.'s tax liability for 2018.