Problem 17-47 (LO. 5) The following information for 2018 relates to Sparrow Corporation, a calendar year, accrual method taxpayer $205,050 55,650 4,500 Net income per books (after-tax) Federal income tax expense per books Tax-exempt interest income MACRS depreciation in excess of straight-line depreciation used for financial statement purposes Excess of capital losses over capital gains Nondeductible meals and entertainment Interest on loan to purchase tax-exempt bonds 7,200 9,400 5,500 1,100 a. Regarding items that would be added back on the M-1 schedule, label either "Yes" (it would be added back to net income per books) or "No" (it would not be) Federal income tax per books . Excess of capital loss over capital gains Tax-exempt interest income . Excess of MACRS over book depreciation . Interest on loan to purchase tax-exempt bonds Nondeductible meals and entertainment b. Sparrow's taxable income for 2018 is