Heron Corporation, a calendar year, accrual basis taxpayer, provides the following information for this year and asks you to calculate Heron's current E&P: Net income per books (after-tax) $539,950 Taxable income 220,000 Federal income tax liability 69,050 Interest income from tax-exempt bonds 9,000 Interest paid on loan incurred to purchase tax-exempt bonds 3,000 Life insurance proceeds received as a result of death of Herons president 400,000 Premiums paid on policy on life of Herons president 12,000 Excess of capital losses over capital gains 5,000 Retained earnings at beginning of year 675,000 Cash dividends paid 90,000 Total meals and entertainment expenses 3,000 Excess of book(GAAP) depreciation over MACRS(tax)depreciation 2,000 Excess of MACRS deprec. over ADS(E&P) depreciation 1,500 Charitiable contributions carryover from last year 1,000 Take the relevant information and calculate Heron Corp.'s current E&P