Cramer Corporation, a calendar year, accrual batis corporation, reported $1 million of net income after tax on its 2020 financial statements prepared in accordance with GMAT corporation's books and records reveal the following information: -Cramer's federal income tax expense per books was $200,000 Cramer's book income included $10,000 of dividends received from a domestic corporation in which Cramer owns a 25 percent stock internet, and 84.000 of dividends from a domestic corporation in which Cramer owns a 5 percent stock interest Cramer recognized $10,000 of capital losses this year and no capital gains -Cramer recorded $8,000 of book expense for meals and $10,000 of book expense for entertainment costs. -Cramer's depreciation expense for book purposes totaled $400,000. MACRS depreciation was $475,000 During January of the current year, Cramer was sued by one of its employees as a result of a work-related accident. The suit has not yet gone to court. However, Cramor'a auditor required the company to record a contingent liability and related book expers for $50,000, reflecting the company's likely liability from the suit Cramer used the reserve method for calculating bed debt expenses for book purposes. Its book income statement reflects bad debt expense of $30,000, calculated as 15 percent of sales revenue. Actual write-offs of accounts receivable during the year totaled $22,000. Required: Compute Cramer's federal taxable income and regular tax liability, Notes tax rate is 113,900.34% of the excess of taxable income above 335000