Beach Corporation, an accrual basis taxpayer, report the following results for the current year: Income: gross profit from maunfacturing operations -$250,000 dividends received from 25%-owned domestic corporation- 20,000 interest income:corporate bonds - 10,000 municipal bonds - 12,000 proceeds from life insurance policy on key employee - 100,000 section 1231 gain on sale of land- 8,000 Expenses: administrative expenses - 110,000 bad debts - 5,000 Depreciation: financial accounting - 68,000 taxable income - 86,000 alternative depreciation system (for E&P) -42,000 no1 carryover - 40,000 charitable contributions: current year - 8,000 carryover from last year - 3,500 capital loss on sale of stock - 1,200US production activities deduction - 1,500 penalty on late payment of federal taxes - 450 What is Beach's taxable income? What is Beach's current E&P? Please help with step - by step solutions for all calculations