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Comprehensive Problem 16-64 (LO 16-1, LO 16-2, LO 16-3) (Algo) Timpanogos Incorporated is an accrual-method, calendar-year corporation For 2021, it reported financial statement income after taxes of $1,623,820. Timpanogos provided the following information relating to its 2021 activities: Tife insurance proceeds as a result of CEO's death Revenue from sales for both book and tax purposes) Premium paid on the key-person life insurance policies. The policies have no cash surrender value. Qualified charitable contributions Coot of goods sold for book and tax purposes Interest income on tax-exempt bonds Interest paid on loan obtained to purchase tax-exempt bonda Rental Income payments received and earned in 2021 Rental income payments received in 2020 but earned in 2021 Rental income payments received in 2021 but not earned by year-end Tax depreciation Book Depreciation Net capital loss Federal income tax expense for books in 2021 8 242.000 2,420,000 25,610 217,000 353,000 49.400 54,450 1.150 12.100 36,300 65,530 30.250 50.820 375.100 Required: a. Reconcile book income to taxable income for Timpanogos Incorporated. 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 (P) or temporary (T). c. Complete Schedule M-1 for Timpanogos. d. Compute Timpanogos Incorporated's tax liability for 2021. Description Book-tuk Book Income (D) CF adjustments (Dr) Permanent (P) or Book. Pan adjustments Temporary Tert Revenue from sales Cost of goods sold Gross profit Other income: Life insurance proceeds from CEO's death Interest income on tax-exempt bonds Rental income Gross income Expenses Interest paid to obtain tax-exempt bonds Net capital loss Depreciation Life insurance premiums Federal income tax expense Total expenses before charitable contribution, NOL, and DRD Income before charitable contribution, NOL, and DRD NOL carryover from prior year Taxable income for charitable contribution limitation purposes Charitable contributions Book/Taxable income Proy 1 of 1 Next Check my work Book Income (0) CP Book-tax adjustments (O) Permanent (P) or Temporary (1) Book-tax Permanent (P) or adjustments Cr Temporary (T) Taxable Income (D) ces and DRD RD purposes Prey 1 of 1 !!! Next Check my won Req A and B Schedule Mi Reg D Complete Schedule M-1 for Timpanogos. (Enter all values as positive numbers.) Schedule M1 Reconciliation of Income (Loss) per Books With Income per Return Note: The corporation may be required to file Schedule M 3. So instructions 1 Net income foss) per books 2 Federal income tax per books Excess of capital losses over capital gains & Income wject to take no recorded on books this year (20) 7 recorded on books this year included on this women Tremot interest 5 Expenses recorded on books this year not deed on return Chen Depreciation Chama cobons Travel and entertainment Other Deniz Deductions on eluohged against book income research Depreciation Charitable con e Other (m) 5. Add Ines 1 through 5 9 Add lines 7 and 8 10 Income page 1. in 28. Inglesina 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 FILINGS OR FOR PURPOSE OTHER THAN EDUCATIONAL 2021 McGraw-Hill Education inter all values as positive numbers.) 12 points me (Loss) per Books With Income per Return may be required to file Schedule M-3. See Instructions come recorded on year Included on this return home) Texempere Ask the room Deaction on the run no carged against book income is yel) Depreciation Charitatiebution Other (mix 9 Addnes and a 10 Income (page 1. in 28ness in ON OF AN OFFICIAL U.S. TAX FORM. IT IS NOT THE OFFICIAL FORM ITSELF, DO NOT USE THIS FORM FOR TAX FILINGS OR FOR ANY PURPOSE OTHER THAN EDUCATIONAL 2021 McGraw-Hill Education