Park Corporation distributes its shoe manufacturing line of business to the newly created ShoeBiz Corporation in a transaction qualifying as a "Type D" spin-off reorganization. Before the distribution, Park is worth $7,559,000 and its E & P balance is $1,133,850. After the spin-off, Park's value is $5,669,250, and ShoeBiz's value is $1,889,750. After the "Type D" reorganization, what is the E & P balance for ShoeBiz and for Park?

Round your interim calculations to two decimal places and final answers to the nearest dollar.

As a result, ShoeBiz starts with an E & P balance of $fill in the blank 1, and Park retains an E & P balance of $fill in the blank 2.

Notes: Some target corporation tax attributes (loss carryovers, tax credits, and E & P deficits) are welcomed by the successor corporation. Others may prove less desirable (positive E & P and assumption of liabilities). The mandatory carryover rules should be carefully considered in every corporate acquisition; they may, in fact, determine the form of the transaction.