. RNP, Inc. has book income of $120,000 properly determined in accordance with financial accounting principles. The following information is also available: The company received a $10,000 dividend from a large publicly traded domestic corporation. (owns less than 20%) Income tax expense on the financial statements was $30,000. Depreciation expense on the financial statements is $25,000 less than depreciation expense determined using tax laws. The company received life insurance proceeds of $15,000. .Charitable contributions of $20,000 were made the allowable amount is $13,000.) . Determine the taxable income of RNP, INC. Schedule M-1 Reconciliation of Income (Loss) per Books With Income per Return Note: The corporation may be required to file Schedule M-3. See Instructions, 1 Net income (os) per books 7 Income recorded on books this year 2 Federal income tax per books not included on this return temize): 3 Excess of capital losses over capital gains Tax-exempt interest 4 Income subject to tax not recorded on books this year temize 8 Deductions on this retur not charged 5 Expenses recorded on books this year not against book income this year (itemize): deducted on this retum temize a Depreciation $ & Depreciation b Charitable contributions $ b Charitable contributions Travel and entertainment. $ 9 Add lines 7 and 8 6 Add lines 1 through 5 10 income (page 1. in 28-line 6 less line 9