1. TSK Corp. operates a document storage company. Scott, the president owns 60% of the stock. In 2014, TSK Corp. had Book Net Income of $800,000.The following items were included in Book Net Income:

Dividend income 20,000

Interest income 10,000

Long term capital gain 8,000

Federal tax expense 260,000

Other operating expenses 300,000

Further discussion with Scott revealed the following additional information:

1. The corporation is a calendar year end and uses the accrual method of accounting.
2. The dividends were from Exxon stock and TSK owns less than 5% of this stock.
3. Interest income is from the State of New Jersey.
4. Operating expenses included a $5000 penalty for late payment of Federal taxes, and $12,000 premiums on officer life insurance
5. Operating expenses included an estimated bad debt expense of $30,000. Actual bad debt write offs during the year were $9000.
6. Tax depreciation exceeds book depreciation by $14,000.
7. The corporation has a long term capital loss carryover of $2000 from 2011,
8. On July 1, 2014 TSK Corporation paid a distribution of $100,000 to its shareholders. At December 31, 2013, the corporation had a deficit of $140,000.
9. Assume a 35% tax rate.

Based on the above information compute TSKs earnings and profits as of December 31, 2014.