i need the answer quickly Luong Corporation, a calendar year, accrual basis corporation, reported $1 million of net income after tax on its financialstatements prepared in accordance with GAAP. The corporation's books and records reveal the following information:Luong's federal income tax expense per books was $200,000. Luong's book income included $10,000 of dividendsreceived from a domestic corporation in which Luong owns a 25 percent stock interest, and $4,000 of dividends from adomestic corporation in which Luong owns a 5 percent stock interest. Luong recognized $10,000 of capital losses thisyear and no capital gains. Luong recorded $8,000 of book expense for meals not provided by a restaurant and $10,000of book expense for entertainment costs. Luong's depreciation expense for book purposes totaled $400,000. MACRSdepreciation was $475,000. Required: Compute Luong's federal taxable income and regular tax liability. Prepare aSchedule M-1, page 6, Form 1120, reconciling Luong's book and taxable income.

The U.S. federal income tax is a tax collected by the Internal Revenue Service (IRS) on the yearly…

prepared in accordance with GAAP. The corporation's books and records reveal the following information: deral income tax expense per books was $200,000. Luong's book income included $10,000 of dividends om a domestic corporation in which Luong owns a 25 percent stock interest, and $4,000 of dividends from a orporation in which Luong owns a 5 percent stock interest. Luong recognized $10,000 of capital losses this o capital gains. Luong recorded $8,000 of book expense for meals not provided by a restaurant and $10,000 pense for entertainment costs. Luong's depreciation expense for book purposes totaled $400,000. MACRS on was $475,000. Required: Compute Luong's federal taxable income and regular tax liability. Prepare a M-1, page 6, Form 1120, reconciling Luong's book and taxable income.

prepared in accordance with GAAP. The corporation's books and records reveal the following information: deral income tax expense per books was $200,000. Luong's book income included $10,000 of dividends om a domestic corporation in which Luong owns a 25 percent stock interest, and $4,000 of dividends from a orporation in which Luong owns a 5 percent stock interest. Luong recognized $10,000 of capital losses this o capital gains. Luong recorded $8,000 of book expense for meals not provided by a restaurant and $10,000 pense for entertainment costs. Luong's depreciation expense for book purposes totaled $400,000. MACRS on was $475,000. Required: Compute Luong's federal taxable income and regular tax liability. Prepare a M-1, page 6, Form 1120, reconciling Luong's book and taxable income.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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