Timpanogos Incorporated is an accrual-method, calendar-year
Timpanogos Incorporated is an accrual-method, calendar-year corporation. For 2022, it reported financial statement income after taxes of $1,436,850. Timpanogos provided the following information relating to its 2022 activities: Life insurance proceeds as a result of CEO’s death $ 214,000 Revenue from sales (for both book and tax purposes) 2,140,000 Premiums paid on the key-person life…