Ryan Corp. had reported $500,000 of income in Year 1 financial statement. Included in the book income is municipal bond interest income of $80,000, $20,000 of business meal expense, $10,000 of entertainment expense, $10,000 of life insurance premium paid for key employees, $60,000 of book depreciation on book while corresponding tax depreciation is $75,000 and $70,000 of dividend income received from a 40% owned corporation. What amount of taxable income for Golden Corp. in Year 1?

Please list all your computations.

A. $349,000. B. $329,000. C. $389,500. D. $364,000.