The Loquat Corporation has book net income of $65,800 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 $9,870 Depreciation deducted on the books which is not deductible for 13,160 tax purposes Deduction for 50 percent of meals expense which is not allowed 5,922 for tax purposes Deduction for entertainment not allowed for tax purposes 2,632 Tax-exempt interest income included in book income but not in 3,948 tax income Calculate Loquat Corporation's taxable income for the current year based on the information given