O'Connell corporation engaged in the following transactions:
	1/1/2020	Purchased $2,966,000 face value, 7-year, 8% municipal bonds, for $2,422,921, when the market rate of interest was 12%. Interest is paid annually on December 31 (using effective-interest method).
	2/1/2020	Recognized revenue, paid in cash, of $4,000,000.
	3/1/2020	Paid $385,000 of office expenses in cash.
	5/1/2020	Paid $200,000 of advertising expenes in cash.
	5/15/2020	Hosted event (considered entertainment- nondeductible for tax purposes) at First Avenue, costing $680,000
	7/1/2020	Bought a new Trax & Dixie fixed asset, costing $60,000. This equipment is depreciated using the straight-line method for both book and tax. It has a 3 year life for book purposes, and a 6 year life for tax purposes.
	10/1/2020	Paid $300,000 in rent for 2020.
	2/1/2021	Recognized revenue, paid in cash, of $2,500,000
	5/1/2021	Paid a consultant $75,000 to plan an album launch party at First Avenue.
	6/18/2021	Hosted event (considered entertainment- nondeductible for tax purposes) at First Avenue, costing $600,000
	6/30/2021	Bought a new Trax & Dixie fixed asset, costing $45,000. This equipment is depreciated using the straight-line method for both book and tax. It has a 3 year life for book purposes, and a 6 year life for tax purposes.
	10/1/2021	Paid $300,000 in rent for 2021.
Assume the income tax rate is 15% for both 2020 and 2021
(a) Calculate book income for 2020 (3 points)