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Lanco Corporation, an accrual-method corporation, reported taxable income of $2,230,000 this year. Included in the computation of taxable income were the following items: - MACRS depreciation of $289,500. Depreclation for earnings and profits purposes is $198,000. - A net capital loss carryover of $16,100 from last year. - A net operating loss carryover of $32,500 from last year. - $75,000 capital gain from the distribution of land to the company's sole shareholder (see below). Not Included in the computation of taxable income were the following items: - Tax-exempt income of $7,500. - Life insurance proceeds of $330,000. - Excess current-year charitable contribution of $2,700 (to be carrled over to next year). - Tax-deferred gain of $20,300 on a like-kind exchange. - Nondeductible life Insurance premium of $4,500 - Nondeductible interest expense of $3,600 on a loan used to buy tax-exempt bonds. Lanco's accumulated E\&P at the beginning of the year was $2,840,000. During the year, Lanco made the following distributions to its sole shareholder, Luigl: - June 30:$65,000 - September 30: Parcel of land with a falr market value of $88,500. Lanco s adjusted tax basis in the land was $13,500. LuigI assumed an existing mortgage on the property of $16,800. Required: a. Compute Lanco's current E\&P. b. Compute the amount of dividend income reported by Luiglthis year because of the distributions: c. Compute Lanco's accumulated E\&P at the beginning of next year