Sparrow Corporation (a calendar year, accrual basis taxpayer) had the following transactions in 2022, its second year of operation:

Sparrow uses the LIFO inventory method, and its LIFO recapture amount increased by $10,000 during 2022. In addition, Sparrow sold property on installment during 2021. The property was sold for $40,000 and had an adjusted basis at sale of $32,000. During 2022, Sparrow received a $15,000 payment on the installment sale. Finally, assume that no additional first-year depreciation was claimed. Compute Sparrow's current E & P.

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Taxable income Federal income tax liability paid Tax-exempt interest income Meals expense provided by a restaurant (total) Premiums paid on key employee life insurance Increase in cash surrender value attributable to life insurance premiums Proceeds from key employee life insurance policy Cash surrender value of life insurance policy at distribution Excess of capital losses over capital gains MACRS deduction Straight-line depreciation using ADS lives Section 179 expense elected during 2021 Dividends received from domestic corporations (less than 20% owned) $330,000 69,300 5,000 3,000 3,500 700 130,000 20,000 13,000 26,000 16,000 25,000 35,000