Mondial Corporation's financial accounting records show it had gross revenue of $980,000, cost of goods sold of $420,000, operating expenses of $380,000, and $4,000 of dividends received from a 40-percent-owned owned corporation. Its operating expenses included the following:

• $6,000 of life insurance premiums on which it was the beneficiary
• $22,000 of business meal expenses
• $30,000 of charitable contributions

1. Determine Mondial Corporation's taxable income.
2. Determine Mondial Corporation's income tax liability for 2018.
3. Determine Mondial Corporation's income tax liability if book depreciation is $15,000 less than tax depreciation.