Cheyenne Corporation ( a C- Corporation), is an calendar year and accrual taxpayer, provides the following information to be used in the preparation of the Schedule M-1 for 2018. What is the taxable income for 2018 for the corporation, show your calculations. Net Income after tax per books $27,500 Tax-exempt interest income earned 7,000 Accrued Salary to a related party paid in 2019 50,000 Life Insurance Expense 13,000 Book depreciation in excess of tax depreciation 25,000 Life Insurance Proceeds received 150,000 Non-deductible country club dues 2,500 Federal Income tax expense 3,000