Franion Co., a calendar yoar, accrual basis corporation, reported $2,500,000 net income after tax on its 2013 financial statements prepared in accordance with GAAP. The corporation's financial records reveal the following information. - Federal tax expense per books was $1,000,000. - Franton recoived $22.400 of dividende from its 15% inveatment in Microsoft and General Motors stock. - Bad dobt expenso was \$12,000, and write-offs of uncollectble eccounts recolvabla totaled $16.000. - Book depreciation was $110,000, and MACRS depreciation was $95,000. - Franton paid a $60,000 fine to the City of Abany for Illogal trash dumping. Computo Franton's taxable income and regular tax liablitly. Note: tax rale is $113,000+34% of the excess over $335.000