2 58:30 This question will be sent to your instructor for grading. TB ES Qu. 18-82 (Algo) Loon, Incorporated reported taxable income of... Loon, Incorporated reported taxable income of $670,000 in 20X3 and paid federal income taxes of $209,000. Not included in the company's computation of taxable income is tax-exempt interest of $37,000, disallowed meals and entertainment expenses of $18,500, and disallowed expenses related to the tax-exempt income of $4,700. Loon deducted depreciation of $235,000 on its tax return. Under the alternative (E&P) depreciation method, the deduction would have been $87,000. Compute the company's current E&P for 20X3.