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Junk, Inc., a calendar year, accrual basis corporation, reported $479,000 net income after tax on...

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Accounting

Junk, Inc., a calendar year, accrual basis corporation, reported $479,000 net income after tax on its 2021 financial statements prepared in accordance with GAAP. The corporations financial records reveal the following information:

  • Junk earned $10,700 on an investment in tax-exempt municipal bonds.
  • Junks depreciation expense per books was $44,200, and its MACRS depreciation deduction was $31,000.
  • Junk recorded bad debts expense of $3,700 on its books using the allowance method; it wrote of $4,400 of bad debts.
  • On July 1, Junk paid a $6,000 fine to the municipal government for a violation of a local zoning ordinance.
  • Junk recorded $5,000 of business meals and entertainment expense for book purposes.
  • Complete the schedule below showing the necessary book to tax adjustments needed to calculate Junks taxable income. YOU ABSOLUTELY MUST SHOW A + OR A - AS WELL AS THE RECONCILING ITEM FOR EACH ADJUSTMENT!!!

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