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Prepare an M-1 reconciliation (what is taxable income?) for JJB Corporation using the following data: Net...

Prepare an M-1 reconciliation (what is taxable income?) for JJB Corporation using the following data:

Net income per books (after tax) 100,000
Federal income tax per books 30,000
Excess of capital losses over capital gains 15,000
Dividend income (Polk owns 1% of the paying corporation) 20,000
Nondeductible penalties 7,000
Marketing expense 16,000
Meals expense (total amount) 24,000
Tax-exempt interest income (private activity bond) 11,000
Excess of tax (MACRS) deprecation over book (GAAP) depreciation 35,000
Domestic Production Activities Deduction 25,000
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Prepare an M-1 reconciliation (what is taxable income?) for JJB Corporation using the following data:

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