Shown below is the book income statement for Xylon Corp. for calendar 2018. Prepare a reconciliation of book income to taxable, and compute Xylon's federal income tax for 2018. Prepare your answer on this spreadsheet, and submit in canvas Provide an explanation of each reconciling item, and show all necessary calculations in the spreadsheet. Sales Cost of goods sold 145,318,226 76.932,669 68,385,557 Other income: Dividends Capital gairn 2,426,000 91,000 Operating expenses Operating income Interest expense 70,902,557 42,811619 28,090,938 21,266,219 Loss Accrued loss related to litigation which has not yet gone to trial] Income before federal tax 5.224719 Notes: The dividends are from a corportation in which Xylon has a 35% interest. Included in operating expenses are: Depreciation Bad debts Meals Entertainment Fines 5,629,505 1,006,912 306,412 216,422 8,115 (MACRS 8,316,006) (Tax bad debts 826,911) (Traffic fines for employees on company business) Shown below is the book income statement for Xylon Corp. for calendar 2018. Prepare a reconciliation of book income to taxable, and compute Xylon's federal income tax for 2018. Prepare your answer on this spreadsheet, and submit in canvas Provide an explanation of each reconciling item, and show all necessary calculations in the spreadsheet. Sales Cost of goods sold 145,318,226 76.932,669 68,385,557 Other income: Dividends Capital gairn 2,426,000 91,000 Operating expenses Operating income Interest expense 70,902,557 42,811619 28,090,938 21,266,219 Loss Accrued loss related to litigation which has not yet gone to trial] Income before federal tax 5.224719 Notes: The dividends are from a corportation in which Xylon has a 35% interest. Included in operating expenses are: Depreciation Bad debts Meals Entertainment Fines 5,629,505 1,006,912 306,412 216,422 8,115 (MACRS 8,316,006) (Tax bad debts 826,911) (Traffic fines for employees on company business)