Solution-Prepare the entity Schedule M-2

Prepare the entity Schedule M-2

Reference no: EM132663582

Problem - Based upon the following facts about Aqua, Inc., a calendar year S corporation, prepare the entity's Schedule M-2.

AAA, beginning of the year $9,400

Ordinary income 24,600

Tax-exempt income 3,000

Key employee life insurance proceeds received 4,900

Payroll penalty expense 2,200

Charitable contributions 3,000

Unreasonable compensation 4,000

Premiums on key employee life insurance 2,300

Distribution to shareholders 17,000

Reference no: EM132663582

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Prepare the entity Schedule M-2

Reference no: EM132663582

Reference no: EM132663582

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