Caramel Corporation has $9,600$ shares of stock outstanding. In a qualifying stock redemption, Caramel distributes $$293,000$ in exchange for $2,400$ of its shares. At the time of the redemption, Caramel has paid$-$in capital of $$1,465,000$ and E & P of $$879,000.$

Calculate the reduction to Caramel's E & P as a result of the distribution.

The result of this redemption is a $ charge to $E$ & P$.$