SCHEDULE M-1 RECONCILIATION (10 Points) For the current tax year, Fannie Corporation, an Accrual Basis calendar year corporation, had the following information: Net Income Per Books (after-tax) $281,350 Premiums On Life Insurance policy On Its Key Employees * 12,000 Excess Capital Losses 7,000 9,000 Excess Tax Depreciation (MACRS Depreciation in excess of Financial Accounting (Book) Depreciation) Life Insurance Proceeds On Life Of Its Key Employees * 210,000 Rental Income Received In Current Tax Year 100,000 ($80,000 Is Prepaid (Unearned Revenue) And Relates To Next Tax Year) Tax-Exempt Interest Income On Municipal Bonds 16,000 Expenses Related To Tax-Exempt Interest Income 5,500 Prepaid Rent (Unearned Revenue) Received And Properly Taxed In Prior Tax Year But Not Earned For Financial Accounting 60,000 Purposes Until Current Tax Year Federal Income Tax liability For Current Tax Year 24,150 * - Fannie Corporation is the beneficiary of this Life Insurance Policy. REQUIRED: Using the Schedule M-1 format, determine the Taxable income for Fannie Corporation for the current tax year. (Show computations)