Question: please explain step by step. thank you 64. Timpanogos Inc. is an accrual-method, calendar-year corporation. For 2020 , it reported financial statement income after taxes

please explain step by step. thank you

64. Timpanogos Inc. is an accrual-method, calendar-year corporation. For 2020 , it reported financial statement income after taxes of $1,342,000. Timpanogos provided the following information relating to its 2020 activities: Required: a) 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. b) Identify each book-tax difference as either permanent or temporary. c) Complete Schedule M-1 for Timpanogos. Page 5-40 d) Compute Timpanogos Inc.'s tax liability for 2020

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