(Answered) Emerald corporation a calendar year and accrual method

Accounting

Emerald Corporation, a calendar year and accrual method taxpayer, provides the following information and asks you to prepare Schedule M-1 for 2015:
Net income per books (after-tax) $257,950
Federal income tax per books 41,750
Tax-exempt interest income 15,000
Life insurance proceeds received
as a result of death of corporate president 150,000
Interest on loan to purchase tax-exempt bonds 1,500
Excess of capital loss over capital gains 6000
Premiums paid on life insurance policy on life
of Emerald's president 7800

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