Greg Corporation,an Accrual Method Taxpayer,had Accumulated Earnings and Profits of $300,000

Greg Corporation,an accrual method taxpayer,had accumulated earnings and profits of $300,000 as of December 31 last year.For its current tax year,Greg's books and records reflect the following: $$\begin{array} {| l | r| } \hline \text { Taxable income per return } & \$ 160,000 \\\hline \text { Tax-exempt interest received } & 2,500 \\\hline \text { Federal income taxes } & 33,600 \\\hline \text { Excess capital losses not deductible in current year } & 4,000 \\\hline \text { Contributions in excess of limitation } & 2,000 \\\hline\end{array}$$ Based on the above,what is the amount of Greg Corporation's current earnings and profits for this year?

A) $120,400
B) $124,900
C) $122,900
D) $128,900