ABC is a sole proprietorship owned by Clark. The companys records show the following:

Sales Revenue 275,000

Interest on State of Kansas bonds 5,000

Operating Expenses 145,000

Depreciation book purposes 17,000

Depreciation tax purposes 22,000

Loss on sale of truck to Clarks granddaughter 4,000

Fines to the U.S. govt. for violation of emission standards 15,000

Compute ABCs net income per books before tax.

Compute ABCs taxable income.