For 2012, Permtemp reported the following book income statement and balance sheet,excluding the federal income tax expense, deferred tax assets, and deferred tax liabilities:Sales $33,000,000Cost of goods sold )Gross profit $11,000,000Dividend income 55,000Tax-exempt interest incomeTotal income $11,070,000Expenses:Depreciation $ 800,000Bad debts 625,000Charitable contributions 40,000Interest 455,000Meals and entertainment 60,000OtherTotal expenses )Net income before federal income taxesCash $ 2,125,000Accounts receivable $ 3,300,000Allowance for doubtful accounts ) 2,850,000Inventory 6,000,000Fixed assets $10,000,000Accumulated depreciation ) 8,400,000Investment in corporate stock 1,000,000Investment in tax-exempt bondsTotal assetsAccounts payable $ 2,120,000Long-term debt 8,500,000Common stock 6,000,000Retained earningsAdditional information for 2012: Depreciation for tax purposes is $2.45 million under MACRS. Bad debt expense for tax purposes is $425,000 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 Attachments: CHunt-Ac430-P.pdf