2) Loon, Inc. reported taxable income of $650,000 in 202X and paid federal income taxes of $207,000. Not included in the company's computation of taxable income is tax-exempt interest of $35,000, disallowed meals and entertainment expenses of $17,500, and disallowed expenses related to the tax-exempt income of $4,500. Loon deducted depreciation of $225,000 on its tax return. Under the alternative (E\&P) depreciation method, the deduction would have been $85,000. Compute the company's current E\&P for 202X. (12 Points) 2) Loon, Inc. reported taxable income of $650,000 in 202X and paid federal income taxes of $207,000. Not included in the company's computation of taxable income is tax-exempt interest of $35,000, disallowed meals and entertainment expenses of $17,500, and disallowed expenses related to the tax-exempt income of $4,500. Loon deducted depreciation of $225,000 on its tax return. Under the alternative (E\&P) depreciation method, the deduction would have been $85,000. Compute the company's current E\&P for 202X. (12 Points)