Gator Inc. reported taxable income of $1,550,000 this year and paid federal income taxes of $325,500. Included in the company's computation of taxable income is gain from the sale of a depreciable asset of $96,500. The income tax basis of the asset was $193,000. The E&P basis of the asset using the alternative depreciation system was $329,700. Compute the company's current E&P. (Negative amount should be indicated with a minus sign.) Taxable income Federal income taxes Regular tax gain from sale of asset E&P loss from sale of asset Current E&P $ 1,550,000 (325,500) (96,500) $ 1,128,000