Volunteer Corporation reported taxable income of $470,000 from operations this year. The company paid federal income taxes of $98,700 on this taxable income. Daring the year, the company made a distribution of land to its sole shareholder, Rocky Topp. The land's fair market value was $85,000 and its tax and E\&P basis to Volunteer was $58,500. Rocky assumed a mortgage attached to the land of $17,000. The company had accumulated E\&P of $780,000 at the beginning of the year. Problem 18-45 Part-c (Algo) c. Compute Volunteer's accumulated E\&P at the beginning of next yeat