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In: AccountingPaul Inc, a calendar year C-Corp and accrual method taxpayer,provides the following information and wants...Paul Inc, a calendar year C-Corp and accrual method taxpayer,provides the following information and wants a Schedule M-1prepared (state which line each amount should be on on ScheduleM-1). Journal entries should also be prepared.Net Income per Book535,000Tax Exempt Interest Income300Federal Income Tax Paid12,000Life Insurance Proceeds80,000-received upon death of key employee-the PresidentCapital Loss8,000MACRS Tax Depreciation200,000 - depreciation taken on the tax returnBook Depreciation20,000 - depreciation taken for book (financial statement)Meals and Entertainment6,000 - reported on financial statementJournal Entries:M-1 JournalEntriesFinanial StmtDebitCreditTax ReturnExpenseFed Tax ExpenseDepreciation ExpenseExcess Captial LossMeals and Entert. ExpenseTax Exempt Int. ExpenseLife Insurance Premiums(key employeeIncome:Tax Exempt IncomeLife Insurance Proceeds (key employee)