Luong Corporation, a calendar year, accrual basis corporation, reported $1.55 million of net income after tax on its financial statements prepared in accordance with GAAP. The corporation's books and records reveal the following information: - Luong's federal income tax expense per books was $211,000. - Luong's book income included $21,000 of dividends received from a domestic corporation in which Luong owns a 25 percent stock interest, and $9,500 of dividends from a domestic corporation in which Luong owns a 5 percent stock interest. - Luong recognized $21,000 of capital losses this year and no capital gains. - Luong recorded $13,600 of book expense for meals not provided by a restaurant and $15,500 of book expense for entertainment costs. - Luong's depreciation expense for book purposes totaled $411,000. MACRS depreciation was $475,000. Required