The following information for 2014 relates to Sparrow Corporation, a calendar year, accrual method taxpayer.

Net income per books (after-tax) ........ $174,100

Federal income tax per books............ 86,600

Tax-exempt interest income............. 4,500

MACRS depreciation in excess of straight-line depreciation used for

financial accounting purposes............ 7,200

Excess of capital loss over capital gains........ 9,400

Nondeductible meals and entertainment........ 5,500

Interest on loan to purchase tax-exempt bonds.... 1,100

Based on the above information, use Schedule M–1 of Form 1120, which is available on the IRS website, to determine Sparrow’s taxable income for 2014.