Exam Corporation reports taxable income of $800,000 on its federal income tax return. Given the following information from the corporation's records, determine its M-1 book income:

Deduction for federal income taxes per

    financial accounting records                                                       $272,000

Depreciation claimed on the tax return                                             140,000

Depreciation recorded on the financial accounting records                80,000

Dividends-received deduction                                                             48,000

Life insurance proceeds on death of corporate officer                       90,000