3) Airburst Corporation, a calendar year, accrual basis taxpayer, provides the following information for the current year: (25 points) Net income per books (after-tax) $516,100 Federal income tax liability 81,900 Interest income from tax-exempt bonds 10,000 Interest paid on loan incurred to purchase tax-exempt bonds 4,000 Life insurance proceeds received as a result of death of Airburst's president 200,000 Premiums paid on policy on life of Airburst's president 9,000 Excess of capital losses over capital gains 4,000 Retained earnings at beginning of year 705,000 Cash dividends paid 180,000 Tax depreciation in excess of book depreciation 15,000 a) Calculate Airburst's taxable income for the current year