Potter Corporation is a calendar year, accrual basis corporation. For 2022, the corporate tax returns reports $575,920 in taxable income. In addition, the corporation provides the following information:

Federal Income tax liability paid			$ 120,940
Tax-exempt interest income			6,250
Entertainment Expense			4,750
Excess of capital losses over capital gains			14,000
MACRS cost recovery deduction			79,000
E&P depreciation (straightline depreciation using ADS)			56,000
Section 179 expense elected and deducted during 2020 for regular tax purposes			40,000
Dividends received from domestic corporations (less than 20% owned)			25,000

• calculate Potter Corporations E&P for the calendar year.

Requirements

• You may submit your answer in Excel, Word or PDF format. You may also upload a picture of your calculations if you choose to do the assignment by hand. Show your calculations for maximum points.