Cramer Corporation, a calendar year, accrual basis corporation, reported $1.50 million of net income after tax on its 2018 financial statements prepared in accordance with GAAP. The corporations books and records reveal the following information:

Cramer's federal income tax expense per books was $210,000.

Cramer's book income included $20,000 of dividends received from a domestic corporation in which Cramer owns a 25 percent stock interest, and $9,000 of dividends from a domestic corporation in which Cramer owns a 5 percent stock interest.

Cramer recognized $20,000 of capital losses this year and no capital gains.

Cramer recorded $13,000 of book expense for meals and $15,000 of book expense for entertainment costs.

Cramer's depreciation expense for book purposes totaled $410,000. MACRS depreciation was $475,000.

Compute Cramer's federal taxable income and regular tax liability. Prepare a Schedule M-1, page 5, Form 1120, reconciling Cramers book and taxable income.