For the current tax year, Fannin Corporation, an Accrual Basis calendar year corporation, had the following information: Net Income Per Books (after-tax) $189,650 Premium on life insurance policy on its key employees* 12,000 Excess capital losses 8,000 Excess tax depreciation 7,000 (MACRS depreciation in excess of Financial Accounting (Book) Depreciation) Life insurance proceed on life of its key employees 150,000 Rental income received in current tax year 90,000 ($40,000 is prepaid (Unearned Revenue) and relates to next tax year) Tax-Exempt interest income on municipal bonds 12,000 Expenses related to tax-exempt interest income 6,500 Prepaid rent (Unearned Revenue) received and properly Taxed in prior tax year but not earned for financial accounting 20,000 Purposes until current tax year Federal income tax liability for current tax year 17,850 *-Fannie Corporation is the beneficiary of this Life Insurance Policy Required: Using the Schedule M-1 format, determine the Taxable income for Fannie Corporation for the current tax year (Please show the computations)