Prepare a schedule M1 for this question

Prepare a schedule M1 for this question

Bali, Inc. reported $605,800 net income before tax on this year's financial statements prepared in accordance with GAAP. The corporation's records reveal the following information: - Depreciation expense per books was $53,000, and MACRS depreciation was $27,400. - Bali sold business equipment for $100,000 cash. The original cost of the equipment was $125,000. Book accumulated depreciation through date of sale was \$48,000, and MACRS accumulated depreciation through the date of sale was $63,000. - Bali sold investment land to Coroda, a corporation owned by the same person that owns Bal The amount realized on the sale was $115,000, and Bali's basis in the land was $40,000. - Bali sold marketable securities to its sole shareholder. The amount realized on the sale was $51,450, and Bali's basis in the securities was $75,000. Note: The corporation may be required to file Schedule M-3. See instructions. Bali, Inc. reported $605,800 net income before tax on this year's financial statements prepared in accordance with GAAP. The corporation's records reveal the following information: - Depreciation expense per books was $53,000, and MACRS depreciation was $27,400. - Bali sold business equipment for $100,000 cash. The original cost of the equipment was $125,000. Book accumulated depreciation through date of sale was \$48,000, and MACRS accumulated depreciation through the date of sale was $63,000. - Bali sold investment land to Coroda, a corporation owned by the same person that owns Bal The amount realized on the sale was $115,000, and Bali's basis in the land was $40,000. - Bali sold marketable securities to its sole shareholder. The amount realized on the sale was $51,450, and Bali's basis in the securities was $75,000. Note: The corporation may be required to file Schedule M-3. See instructions