Park Corporation distributes its shoe manufacturing line of business to the newly created ShoeBiz Corporation in a transaction qualifying as a “Type D” spin-off reorganization. Before the distribution, Park is worth $4,000,000 and its E & P balance is $630,000. After the spin-off, Park’s value is $3,000,000, and ShoeBiz’s value is $1,000,000. After the “Type D” reorganization, what is the E & P balance for ShoeBiz and for Park?
As a result, ShoeBiz starts with an E & P balance of $_________, and Park retains an E & P balance of $_________.