Lanco Corporation, an accrual-method corporation, reported taxable income of $1,830,000 this year. Included in the computation of taxable income were the following items: MACRS depreciation of $306,000. Straight-line depreciation would have been $211,000. A net capital loss carryover of $17,800 from last year. A net operating loss carryover of $25,900 from last year. $66,500 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 $8,000. Life insurance proceeds of $295,000. Excess current-year charitable contribution of $3,300 (to be carried over to next year). Tax-deferred gain of $29,600 on a like-kind exchange. Federal income tax refund from last year of $41,000. Nondeductible life insurance premium of $5,700. Nondeductible interest expense of $2,100 on a loan used to buy tax-exempt bonds. Lanco's accumulated E&P at the beginning of the year was $3,350,000. During the year, Lanco made the following distributions to its sole shareholder, Luigi (Lug) Nutt: June 30: $94,500. September 30: Parcel of land with a fair market value of $80,000. Lancos tax basis in the land was $13,500. Lug assumed an existing mortgage on the property of $19,200. Required: Compute Lancos current E&P. Compute the amount of dividend income reported by Lug Nutt this year as a result of the distributions. Compute Lancos accumulated E&P at the beginning of next year.