Lanco Corporation, an accrual$-$method corporation, reported taxable income of $$1,460,000$ this year and paid Federal income tax of $$306,600.$ Included in the computation of taxable income were the following items:

MACRS depreciation of $$200,000.$ Depreciation for earnings and profits purposes is $$120,000.$

A net capital loss carryover of $$10,000$ from last year.

A net operating loss carryover of $$25,000$ from last year.

$$65,000$ capital gain from the distribution of land to the company's sole shareholder $($see below$).$

Not included in the computation of taxable income were the following items:

Tax$-$exempt income of $$5,000.$

Life insurance proceeds of $$250,000.$

Excess current$-$year charitable contribution of $$2,500($to be carried over to next year$).$

Tax$-$deferred gain of $$20,000$ on a like$-$kind exchange.

Nondeductible life insurance premium of $$3,500.$

Nondeductible interest expense of $$1,000$ on a loan used to buy tax$-$exempt bonds.

Lanco's accumulated E&P at the beginning of the year was $$2,400,000.$ During the year, Lanco made the following distributions to its sole shareholder, Luigi:

June $30$: $$50,000.$

September $30$: Parcel of land with a fair market value of $$75,000.$ Lanco's adjusted tax basis in the land was $$10,000.$ Luigi assumed an existing mortgage on the property of $$15,000.$

Required:

a$.$ Compute Lanco's current E&P$.$

b$.$ compute lanco's accumulated E&P at the begining of next year.