Belvita, Inc. is a calendar-year corporation that began business on January 1, 2020. For 2020, it reported the following information in its current year audited income statement. Notes with important tax information are provided after the financial information. (Worth 15 points)

		Adjustments
	Book
Belvita, Inc. Income Statement	Income (DR) CR	(Debit) - Decrease in Net Income	Credit - Increase in Net Income		Taxable Income (DR) CR
Revenue from sales	$22,000,000
Cost of Goods Sold	(15,400,000)
Gross profit	$6,600,000
Other income:
Interest income1	20,000
Dividend income2	60,000
Net capital loss	(15,000)
Life Insurance proceeds	500,000
Gross Income	$7,165,000
Expenses:
Compensation	(1,970,000)
Advertising	(830,000)
Meals	(24,000)
Entertainment	(6,000)
Repairs and Maintenance	(75,000)
Rent	(22,000)
Depreciation3	(980,000)
Bad debt expenses4	(70,000)
Charitable donations5	(330,000)
Political contributions	(10,000)
Total expenses	($4,317,000)
Income before taxes	$2,848,000
Provision for income taxes	(598,080)
Net Income after taxes	$2,249,920

Notes:

1. Of the $20,000 interest income, $11,000 was from a Kansas City tax-exempt municipal bond; the remainder was from a taxable money market account.
2. The dividend income was received from a corporation that Belvita, Inc. owns 20% of the stock.
3. Tax depreciation was $1,150,000.
4. Belvita, Inc. actually wrote off $63,250 in receivables during the year.
5. Belvita, Inc. made $330,000 of cash contributions to qualified charities during the year.

Please reconcile Belvita, Inc.s book income to taxable income and include the following with your response. show work

1. Belvita, Incs taxable income after making all book-tax adjustments.