Tarass Inc. is an accrual-method calendar-year corporation. Tarass Inc. did not

Tarass Inc. is an accrual-method calendar-year corporation. Tarass Inc. did not qualify for the domestic production activities deduction. The following information has been provided about the activities occurring in 2013: Reported on the financial statement income after taxes $2585000 Life insurance proceeds from CFO s death 100000 Revenue from sales 3500000 Key-person life insurance policies premium 15000 Cost of goods sold (reported on book) 275000 MACRS depreciation 65000 Book depreciation 40000 AMT depreciation 60000 Interest income on private activity tax-exempt bonds 25000 Interest paid on loan to purchase tax-exempt bonds 25000 Net capital loss 35000 Rental income received and earned in 2013 5000 Rental income received in 2012 but earned in 2013 10000 Rental income received in 2013 but not earned 5000 Overhead costs expensed for financial reporting but are included in ending inventory for tax purposes under 263A4 5000 Overhead costs expensed for financial reporting in 2012 but included in 2012 ending inventory. All 2012 ending inventory was sold in 2013. Charitable contributions 315000 Federal income tax expense reported on financial statements 350000 Using the information provided complete the following tasks: Using Excel prepare a reconciliation of book income and tax income. Set up the Excel spreadsheet using the example below: Line Item Book Income (Dr) Cr Book-tax adjustments Taxable Income (Dr) Cr (Dr) Cr Calculate Tarass Inc. s tax liability for 2013. Calculate Tarass Inc. s alternate minimum tax for 2013 if any applies.The calculation must be shown to receive full credit.