Sparrow Corporation (a calendar year, accrual basis taxpayer) had the following transactions in 2019, its second year of operation:

Taxable income....................................................................................................................$330,000
Federal income tax liability paid............................................................................................69,300
Tax-exempt interest income.....................................................................................................5,000
Meals expense (total).................................................................................................................3,000
Premiums paid on key employee life insurance....................................................................3,500
Increase in cash surrender value attributable to life insurance premiums..........................700
Proceeds from key employee life insurance policy..........................................................130,000
Cash surrender value of life insurance policy at distribution............................................20,000
Excess of capital losses over capital gains...........................................................................13,000
MACRS deduction....................................................................................................................26,000
Straight-line depreciation using ADS lives............................................................................16,000
Section 179 expense elected during 2018............................................................................25,000
Dividends received from domestic corporations (less than 20% owned).........................35,000

Sparrow uses the LIFO inventory method, and its LIFO recapture amount increased by $10,000 during 2019. In addition, Sparrow sold property on installment during 2018. The property was sold for $40,000 and had an adjusted basis at sale of $32,000. During 2019, 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.