Boilermaker Incorporated reported taxable income of $520,000 this year and paid federal income taxes of $109,200. Not included in the company's computation of taxable income is tax-exempt income of $29,000, disallowed meals and entertainment expenses of $37,750, and disallowed expenses related to the tax-exempt income of $3,000. Boilermaker deducted depreciation of $175,000 on its tax return. Under the alternative (E&P) depreciation method, the deduction would have been $61,500. Compute the company's current E&P. (Negative amount should be indicated with a minus sign.) Answer is complete but not entirely correct. Taxable income Tax-exempt income $520,000 29,000 Expenses related to tax-exempt income 113,500 Federal income taxes (109,200) Meals and entertainment Depreciation Current E&P (37,750) (61,500) $ 454,050