Sparrow Corporation (a calendar year, accrual basis taxpayer) had the following transactions in 2017, its second year of operation.

Taxable income ............................................................................................................................................... $330,000
Federal income tax liability paid ................................................................................................................ 112,000
Tax-exempt interest income ........................................................................................................................... 5,000
Meals and entertainment expenses (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 2016 ........................................................................................... 25,000
Dividends received from domestic corporations (less than 20% owned) ............................... 25,000

Sparrow uses the LIFO inventory method, and its LIFO recapture amount increased by $10,000 during 2017. In addition, Sparrow sold property on installment during 2016.

The property was sold for $40,000 and had an adjusted basis at sale of $32,000. During 2017, 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.