The Loquat Corporation has book net income of $170,200 for the current year. Included in this...

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The Loquat Corporation has book net income of $170,200 for the current year. Included in this figure are the following items, which are reported on the corporation's Schedule M-1, Reconciliation of Income (Loss) per Books with Income per Return. Federal income tax expense $25,530 Depreciation deducted on the books which is not deductible for tax purposes 34,040 Deduction for 50 percent of meals expense which is not allowed for tax purposes 15,318 Deduction for entertainment not allowed for tax purposes 6,808 Tax-exempt interest income included in book income but not in tax income 10,212 Calculate Loquat Corporation's taxable income for the current year based on the information given. The Loquat Corporation has book net income of $170,200 for the current year. Included in this figure are the following items, which are reported on the corporation's Schedule M-1, Reconciliation of Income (Loss) per Books with Income per Return. Federal income tax expense $25,530 Depreciation deducted on the books which is not deductible for tax purposes 34,040 Deduction for 50 percent of meals expense which is not allowed for tax purposes 15,318 Deduction for entertainment not allowed for tax purposes 6,808 Tax-exempt interest income included in book income but not in tax income 10,212 Calculate Loquat Corporation's taxable income for the current year based on the information given.