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Boilermaker Incorporated reported taxable income of $805,000 this year and paid federal income taxes of $169,050. Not included in the company's computation of taxable income
Boilermaker Incorporated reported taxable income of $805,000 this year and paid federal income taxes of $169,050. Not included in the company's computation of taxable income is tax-exempt income of $27,750, disallowed meals and entertainment expenses of $32,750, and disallowed expenses related to the tax-exempt income of $1,300. Boilermaker deducted depreciation of $159,000 on its tax return. Under the alternative (E\&P) depreciation method, the deduction would have been $50,750. Compute the company's current. E\&P. Note: Negative amount should be indicated with a minus sign
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