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ABC Company has the following items of income and expenses on its books: Sales 500,000 Cost of Goods 220,000 Interest income 12,000 Tax exempt interest

ABC Company has the following items of income and expenses on its books:

Sales 500,000

Cost of Goods 220,000

Interest income 12,000

Tax exempt interest 5,000

Capital gains 15,000

Capital losses (22000)

Proceeds from keyman

Life insurance 29,000

Depreciation expense 10,000

(The company wants to take the section 179 expense deduction of $20000 on its tax return instead of the $10000 shown on the books.

Charitable contributions 35,000

At the beginning of the year ABC has E+P of $124,000. How much is E+P at the end of the year?(I already know the taxable income is 244,800)

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