Schedule M-1 (LO 11.4) The Loquat Corporation has book net income of $71,200 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. Point Line Item Description Amount Federal income tax expense $10,680 Depreciation deducted on the books which is not deductible for tax purposes 14,240 Deduction for 50 percent of meals expense which is not allowed for tax purposes 6,408 Deduction for entertainment not allowed for tax purposes 2,848 Tax-exempt interest income included in book income but not in tax income 4,272 Calculate Loquat Corporation's taxable income for the current year based on the information given. fill in the blank 1 of 1$