. 16. Lenape Corporation, an accrual basis C corporation that uses the calendar year, has struggled to survive since its formation six years ago. As a result, it has a deficit in accumulated earnings and profits at the beginning of the year of $100,000. However, in 2020 the tide turned and Lenape earned a profit; taxable income for 2020 is $150,000. Lenape's accountant has provided you with the following information for 2020. The corporation's federal income tax liability paid for 2020 is $31,500. Lenape received dividends of $50,000 from a corporation in which Lenape owned 25%. Lenape received tax-exempt interest income during 2020 that totaled $24,000. Additional first-year (bonus) depreciation of $75,000 claimed in the current year. MACRS depreciation totaled $54,000, while straight-line depreciation using ADS lives totaled $45,000. Capital gains for the year totaled $10,000, while capital losses for the year totaled $36,000. A 179 election was made this year for the purchase of equipment totaling $20,000. Lenape Corporation had unused net operating losses from prior years that totaled $12,000. How much is Lenape Corporation's current earnings & profits at year-end? . . . a) $253,500 O b) $249,000 c) $261,000 O d) $278,500 e) $150,000