Lanco Corporation, an accrual$-$method corporation, reported taxable income of $$1,950,000$ this year. Included in the computation of taxable income were the following items:MACRS depreciation of $$303,000.$ Depreciation for earnings and profits purposes is $$180,000.$A net capital loss carryover of $$19,700$ from last year.A net operating loss carryover of $$25,200$ from last year.$$65,000$ capital gain from the distribution of land to the companys sole shareholder $($see below$).$Not included in the computation of taxable income were the following items:Tax$-$exempt income of $$8,050.$Life insurance proceeds of $$270,000.$Excess current$-$year charitable contribution of $$3,000($to be carried over to next year$).$Tax$-$deferred gain of $$25,200$ on a like$-$kind exchange.Nondeductible life insurance premium of $$5,100.$Nondeductible interest expense of $$3,300$ on a loan used to buy tax$-$exempt bonds.Lanco's accumulated E&P at the beginning of the year was $$2,580,000.$ During the year, Lanco made the following distributions to its sole shareholder, Luigi:June $30$: $$95,500.$September $30$: Parcel of land with a fair market value of $$80,000.$ Lancos adjusted tax basis in the land was $$15,000.$ Luigi assumed an existing mortgage on the property of $$15,600.$Required:Compute Lancos current E&P$.$Compute the amount of dividend income reported by Luigi this year because of the distributions.Compute Lancos accumulated E&P at the beginning of next year.