Schedule M-1 (LO 11.4) The Loquat Corporation has book net income of $238,600 for the current year. Included in this figure are the following items, which are reported on the corporation's Schedule M-1, Reconciliation of Income (Loss) per Books with Income per Return Federal income tax expense $35,790 Depreciation deducted on the books which is not deductible for 47,720 tax purposes Deduction for 50 percent of meals expense which is not allowed 21,474 for tax purposes Deduction for entertainment not allowed for tax purposes 9,544 Tax-exempt interest income included in book income but not in 14,316 tax income Calculate Loquat Corporation's taxable income for the current year based on the information given