47. LO.5 The following information for 2018 relates to Sparrow Corporation, a calendar year, accrual method taxpayer. Net income per books (after-tax) Federal income tax expense per books Tax-exempt interest income MACRS depreciation in excess of straight-line depreciation $205,050 55,650 4,500 used for financial statement purposes Excess of capital loss over capital gains Nondeductible meals and entertainment Interest on loan to purchase tax-exempt bonds Based on the above information, use Schedule M-1 of Form 1120, which is available on the IRS website, to determine Sparrow's taxable income for 2018. 7,200 9,400 5,500 1,100