1. Calculate total taxable income. Toy Corporation financial statement shows $600,000 of gross income. Included in the $600,000 is $150,000 of life insurance proceeds collected after the death of the CEO this tax year. Toy Co. reported $450,000 in ordinary and necessary business expenses. Additionally they received bond interest (not included in the $600,000) of $70,000 from Lexington City municipal bond issued 10 years ago as well as $10,000 Amazon bonds issued 15 year ago. What is Toy Co. taxable income?