Please complete the following question

Otter Corporation reported taxable income of $440,000 from operations for 20x3. The company paid federal income taxes of $138,000 on this taxable income. During the year, the company made a distribution of land to its sole shareholder, Emmet Jugg. The land's fair market value was $58,000 and its tax and E&P basis to Otter was $34,000. Emmet assumed a mortgage attached to the land of $10,400. The company had accumulated E&P of $940,000 at the beginning of the year. Compute Otter's total taxable income and federal income tax paid because of the distribution (assume a tax rate of 21%). Using your solution, compute Otter's current E&P for 20x3. Essay Toolbar navigation BIBS I'I'I ||||| |I|I| IIiII hill 0. I I 4 > 4 4 I X