Cramer Corporation, a calendar year, accrual basis corporation, reported $1.95 million of net income after tax on its 2020 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 $219,000. Cramer's book income included $29,000 of dividends received from a domestic corporation in which Cramer owns a 25 percent stock interest, and $13,500 of dividends from a domestic corporation in which Cramer owns a 5 percent stock interest. Cramer recognized $29,000 of capital losses this year and no capital gains. Cramer recorded $17,600 of book expense for meals and $19,500 of book expense for entertainment costs. Cramer's depreciation expense for book purposes totaled $419,000. MACRS depreciation was $475,000. Required: Prepare a Schedule M-1, page 6, Form 1120, reconciling Cramers book and taxable income.