XYZ corp started business on 1/1/2020
XYZ corp has the following financial information for 2020
revenues	6,000,000
COGS (lifo)	3,400,000
rent expense	2,000,000
depreciation (declining method)	2,000,000
other expenses	1,500,000
taxable income (loss)	-2,900,000
additional information
if fifo was used, COGS	1,020,000
if straight-line depreciation was used, depreciation expense	800,000
other expenses include the purchase of small equipments	1,000,000
distribution made to shareholders on june 15, 2020	1,280,000
calculate the amount of earnings and profit for XYZ as of 12/31/2020