The following information for 2018 relates to Sparrow Corporation, a calendar year, accrual method taxpayer.

Net income per books (after-tax) ..................................................$205,050
Federal income tax expense per books ............................................55,650
Tax-exempt interest income .................................................................4,500
MACRS depreciation in excess of straight-line depreciation
used for financial statement purposes ................................................7,200
Excess of capital loss over capital gains ...............................................9,400
Nondeductible meals and entertainment ............................................5,500
Interest on loan to purchase tax-exempt bonds .................................1,100

Based on the above information, use Schedule M-l of Form 1120, which is available on the IRS website, to determine Sparrow’s taxable income for 2018.