The Guava Corporation Has Book Net Income of $90,000 for the Current

The Guava Corporation has book net income of $90,000 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.
​ $\begin{array} { l } \text { 1. Federal income tax expense}& \$25,000\\ \text {2. Depreciation deducted on books, not deductible for tax purposes }& 4,000\\ \text {3. Deduction for 50 percent of meals expense not allowed for tax purposes}&3,000 \\ \text { 4. Deduction for payroll tax penalties not allowed for tax purposes}&2,000 \\ \text { 5. Tax exempt interest income included in book income but not in tax return income}&12,000 \\\end{array}$
Based on the above information, calculate the Guava Corporation's taxable income for the year. Show your calculations.