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Boilermaker Inc. reported taxable income of $690,000 this year and paid federal income taxes of $144,900. Not included in the company's computation of taxable income
Boilermaker Inc. reported taxable income of $690,000 this year and paid federal income taxes of $144,900. Not included in the company's computation of taxable income is tax-exempt income of $31,750, disallowed meals and entertainment expenses of $53,250, and disallowed expenses related to the tax-exempt income of $1,900. Boilermaker deducted depreciation of $174,000 on its tax return. Under the alternative (E&P) depreciation method, the deduction would have been $66,750. Compute the company's current E&P. (Negative amounts should be indicated with a minus sign.) Current E&P
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