Bishop Corporation Reports Taxable Income of $700,000 on Its Tax

Bishop Corporation reports taxable income of $700,000 on its tax return. Given the following inform from the corporation's records, determine Bishop's net income per its financial accounting records. $$\begin{array} { | l | r | } \hline \text { Deduction for federal income taxes per books } & \$ 240,000 \\\hline \text { Depreciation claimed on the tax return } & 135,000 \\\hline \text { Depreciation reported on the financial accounting books } & 75,000 \\\hline \text { Life insurance proceeds on death of a corporate officer } & 100,000 \\\hline\end{array}$$

A) $560,000
B) $620,000
C) $660,000
D) $520,000