Petrel corporation has accumulated e&p of $85,000 at the beginning of the year. Its current year taxable income is $320,000. On Dec. 31, Petrel distributed business property (worth $140,000, adjusted basis of $290,000) to Juan its sole shareholder. Juan assumes a $70,000 liability on the property. Included in the determination of Petrel's current taxable income is $16,000 of invome recognized from an installment sale in the previous year. In addition, the corporation incurred a federal income tax liability of $112,000, paid life insurance premium of $4,500, and we seem term life insurance proceeds of $150,000 on the death of an officer. What is Petrel's E &P after the property distribution if Petrel had sold the property at its fair market value, used $70,000 to pay off the liability, abd distributed the remaining cash and any tax saving to Juan?