Franton Co., a calendar year, accrual basis corporation, reported $2,076,000 net income after tax on its current year financial statements prepared in accordance with GAAP. The corporation's financial records reveal the following information.

Federal tax expense per books was $660,000.

Franton received $22,400 of dividends from its < 1% investment in Microsoft and General Motors stock.

Bad debt expense was $12,900, and write-offs of uncollectible accounts receivable totaled $16,300.

Book depreciation was $110,890, and MACRS depreciation was $94,700.

Franton paid a $50,000 fine to the City of Albany for illegal trash dumping.

Compute Franton's taxable income and regular tax liability.