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For 2012 Permtemp reported the following book income statement and balance sheetexcluding the federal income tax expense deferred tax assets and deferred tax liabilities:Sales $33000000Cost of goods sold )Gross profit $11000000Dividend income 55000Tax-exempt interest incomeTotal income $11070000Expenses:Depreciation $ 800000Bad debts 625000Charitable contributions 40000Interest 455000Meals and entertainment 60000OtherTotal expenses )Net income before federal income taxesCash $ 2125000Accounts receivable $ 3300000Allowance for doubtful accounts ) 2850000Inventory 6000000Fixed assets $10000000Accumulated depreciation ) 8400000Investment in corporate stock 1000000Investment in tax-exempt bondsTotal assetsAccounts payable $ 2120000Long-term debt 8500000Common stock 6000000Retained earningsAdditional information for 2012: Depreciation for tax purposes is $2.45 million under MACRS. Bad debt expense for tax purposes is $425000 under the direct writeoff method. Qualified production activities income is $3 million.Required for 2012:a. Prepare page 1 of the 2012 Form 1120 computing the corporation s taxable incomeand tax liability.Also help figuring out schedule C L M-2 & M-3I have included my 2011 pg 1 if it is needed.please help me figure this out
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