Question: Identify each book-tax difference as either temporary or permanent and explain your determination: Net income per books (after-tax). $100,000 Federal income tax expense per books.

Identify each book-tax difference as either temporary or permanent and explain your determination:

Net income per books (after-tax). $100,000

Federal income tax expense per books. $50,000

Tax-exempt interest income. $2,000

MACRS depreciation**. $3,000

Excess of capital loss over capital gains. $5,000

Nondeductible meals and entertainment. $3,000

Interest on loan to purchase tax-exempt bonds $1500

Net income per books (after-tax) $300,000

Taxable income $100,000

Federal income tax per books $20,000

Cash dividend distributions $100,000

Unappropriated retained earnings, as of January 1, 2020 $500,000

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