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