Follow 2018 rules

Boilermaker Inc. reported taxable income of $965,000 this year and paid federal income taxes of $202,650. Not included in the companys computation of taxable income is tax-exempt income of $35,750, disallowed meals and entertainment expenses of $40,750, and disallowed expenses related to the tax-exempt income of $2,200. Boilermaker deducted depreciation of $164,000 on its tax return. Under the alternative (E&P) depreciation method, the deduction would have been $78,000. Compute the companys current E&P. (Negative amounts should be indicated with a minus sign.)