4. Esslinger Corporation has income per books before tax of $300,000.

Included in the income per books is $4,000 interest income from taxexempt municipal bonds. Esslinger also deducted $20,000 for meals and entertainment expenses, $3,000 for premiums on officers’ life insurance policies (the corporation is the beneficiary for these policies), and $100 for fines. What is Esslinger Corporation’s taxable income?

a. $296,100

b. $299,100

c. $306,100

d. $309,100

e. $313,100