37. The Guava Corporation has book net income of $90,000 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. Net book income $90,000 1. Federal income tax expense +$25,000 2. Depreciation deducted on books, not deductible for tax purposes +4,000 3. Deduction for 50 percent of meals expense not allowed for tax purposes +3,000 4. Deduction for payroll tax penalties not allowed for tax purposes +2,000 5. Tax exempt interest income included in book income but not in tax return income -12,000 Income per Return +112,000 Based on the above information, calculate the Guava Corporation's taxable income for the year. Show your calculations