Submit your solution to the problem in an Excel file. Explain your answer as necessary and be sure your calculations are clearly shown. For calendar year 2020, ABC Corporation has a book income before taxes of $500,000. Included in that figure are: bad debt expense of $24,600 (accounts actually written off, $19,800); $3,600 of traffic tickets incurred by delivery drivers; dividend income from large public companies of $12,000. Promotional expense includes a $3,000 contest prize won by a customer in 2020 but not paid until January of 2021. On the books, the company has accrued a loss of $50,000 related to an injury lawsuit by a customer. This lawsuit has not yet gone to trial. Required: Compute ABC's taxable income for 2020. Use a reconciliation format, adjusting book income for any differences between book and tax income