As of December 31, 2017, Eliot Corp. has net income per books of $100,000, which includes municipal bond interest of $4,000, a deduction for business meals of $5,000, a deduction for a net capital loss of $5,000, and a deduction for Federal income taxes of $22,000. What is Eliot Corp.’s current earnings and profits (E & P) for 2017?

a. $98,500

b. $107,500

c. $125,500

d. $100,000