Problem 117 (Algorithmic) Schedule M-1 (LO 11.4) which are reported on the llowing items, ook net income of $110,800 for the current year. Included in this gure are the fa The Loquat Corporation has b r Books with Income per Return. corporation's Schedule Ml, Reconciliation of Income (Loss) pe f- Faileralihcome tax xpense' ' j , a ;' ' ' a $176,620 97 amino hof deductible for ' rationideducted on the it ok 22,160 , { Jagexempt interest income included in book income but not in ' , 'tax income Calculate Loquat Corporation's taxable income for the current year based on the information given. 5" ' '7 v Feedback ...... he :rrnuntina income (commonly referred to as