Teton Enterprises, a C corporation, has the following items of income and expenses pertaining to tax year 2018: Income Sales Interest income- investment in corporate bonds 952,000 17,000 22,000 80,000 8,500 investment in Village of Bourbonnais bonds Dividend income- (22% owned domestic corporation) Section 1231 gain on sale of land--no prior section 1231 losses exist Expenses and other items: Cost of goods sold Administration expenses Bad debts expense Charitable contributions--current year Capital loss on the sale of stock investment Meals and entertainment expense (total incurred) Life insurance premium on corporate owned policy 638,000 248,600 5,100 11,700 10,900 1,600 on President's life 4,800 3,000 NOL carryover Depreciation expenseFinancial accounting 51,750 72,000 48,700 MACRS Alternative Depreciation System (Sec 168(g)) Charitable contributions carryforward from prior years 6,380 The computation of taxable income is shown below: Sales COGS $ 952,000 638,000 314,000 17,000 80,000 411,000 (248,600) (5,100) (800) (72,000) 84,500 (8,150) (49,628) (3,000) 23,722 Gross Profit Interest Income Dividends Total Income Admin Expenses Bad Debt:s Meals & Entertainment Depreciation Income before Charitable Cont Charitable Contributions DRD NOL Taxable Income Required: (10 points) Compute the amount of current E & P given the above information. SHOW ALL WORK!!!!!! Teton Enterprises, a C corporation, has the following items of income and expenses pertaining to tax year 2018: Income Sales Interest income- investment in corporate bonds 952,000 17,000 22,000 80,000 8,500 investment in Village of Bourbonnais bonds Dividend income- (22% owned domestic corporation) Section 1231 gain on sale of land--no prior section 1231 losses exist Expenses and other items: Cost of goods sold Administration expenses Bad debts expense Charitable contributions--current year Capital loss on the sale of stock investment Meals and entertainment expense (total incurred) Life insurance premium on corporate owned policy 638,000 248,600 5,100 11,700 10,900 1,600 on President's life 4,800 3,000 NOL carryover Depreciation expenseFinancial accounting 51,750 72,000 48,700 MACRS Alternative Depreciation System (Sec 168(g)) Charitable contributions carryforward from prior years 6,380 The computation of taxable income is shown below: Sales COGS $ 952,000 638,000 314,000 17,000 80,000 411,000 (248,600) (5,100) (800) (72,000) 84,500 (8,150) (49,628) (3,000) 23,722 Gross Profit Interest Income Dividends Total Income Admin Expenses Bad Debt:s Meals & Entertainment Depreciation Income before Charitable Cont Charitable Contributions DRD NOL Taxable Income Required: (10 points) Compute the amount of current E & P given the above information. SHOW ALL WORK