Francine Corporation reports the following income and expense items for the tax year ending December 31: 
What is Francine Corporation's taxable income?
Definitions:
Insurance
A contractual agreement where one party pays premiums in exchange for a promise of compensation for specified potential future losses or damages.
Factory Overhead
All indirect costs associated with manufacturing, excluding direct labor and direct materials, such as utilities, depreciation, and maintenance of equipment.
Product Cost
The total of costs directly tied to the production of a product, including raw material, labor, and overhead.
Oil Lubricants
Substances applied to reduce friction and wear between surfaces in mutual contact, which ultimately extends the life of machinery.
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