EFG, a calendar year, accrual basis corporation, reported $479,900 net income after tax on its financial statements prepared in accordance with GAAP. The corporation's financial records reveal the following information: - EFG earned $10,700 on an investment in tax-exempt municipal bonds. - EFG's allowance for bad debts as of January 1 was $21,000. Write-offs for the year totaled $4.400, while the addition to the allowance was $3,700 The allowance as of December 31 was $20,300 - On August 7, EFG paid a $6,000 fine to a municipal govemment for a violation of a local zoning ordinance - EFG's depreciation expense per books was $44,200, and its MACRS depreciation deduction was $31,000 - This is EFG's second taxable year. In its first taxable year, it recognized an $8,800 net capital loss. This year, it recognized a $31,000 long term capital gain - In its first taxable year, EFG capitalized $6,900 organizational costs for tax purposes and elected to amortize the costs over 180 months. For book purposes, it expensed the costs - EFGis federal income tax expense per books was $151000. Required: a. Compute EFG's taxable income Complete this question by entering your answers in the tabs below. Compute EFGis taxable income, (Do not round any irtermediate divsion. Found youc final answare to the neatrst whole doliar amount. Enter your ariwiats in whole dollars not in mililions.) EFG, a calendar year, accrual basis corporation, reported $479,900 net income after tax on its financial statements prepared in accordance with GAAP. The corporation's financial records reveal the following information: - EFG earned $10,700 on an investment in tax-exempt municipal bonds - EFG's allowance for bad debts as of January 1 was $21,000. Write-offs for the year totaled $4,400, while the addition to the allowance was $3,700. The allowance as of December 31 was $20,300 - On August 7. EFG paid a $6,000 fine to a municipal government for a violation of a local zoning ordinance - EFG's depreciation expense per books was $44,200, and its MACRS depreciation deduction was $31,000 - This is EFG's second taxable year. In its first taxable year. it recognized an $8,800 net capial loss. This year. it recognized a $31,000 - In its first taxable year, EFG capitalized $6,900 organizational costs for tax purposes and elected to amortize the costs over 180 long term capital gain months. For book purposes, it expensed the costs - EFG's federal income tax expense per books was $151,000 Required: a. Compute EFG's taxable income Complete this question by entering your answers in the tabs below