Calculate taxable income for AST Records. You should assume that taxable income will be the same regardless of the form of the entity.

Calculate taxable income for AST Records. You should assume that taxable income will be the same regardless of the form of the entity. You MUST show your work for every calculation (see the final requirement) that comes into calculating the taxable income. Note that the book income on the trial balance is NOT equal to taxable income so there is a fair amount of work you must do to complete this requirement. You will start with book net income (you must come up with that from the trial balance) and reconcile it to taxable income. Doing it this way will help you complete the forms M-3 in the next requirements.