Page 5 of 5 26 In its first year of operations, a corporation reported income per books before taxes of $30,000. Service revenue $400,000 Operating Expenses (350,000) Entertainment Expense (20,000) Net income before taxes $30,000 Federal income taxes ? Net income (GAAP) ? There is no state income tax. There was no difference between book and taxable income, other than indicated in the information above. What is the balance to be shown on line 6 of Schedule M-1? A. $32,500 b. $40,000 c. $42,500 d. $50,000 27 In its first year of operations (2008), a corporation reported income per books before taxes of $30,000.
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