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Timpanogos Incorporated is an accrual-method, calendar-year corporation. For 2022, it reported financial statement income after...

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Accounting

Timpanogos Incorporated is an accrual-method, calendar-year corporation. For 2022, it reported financial statement income after
taxes of $1,558,800. Timpanogos provided the following information relating to its 2022 activities:
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.
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