As of December 31, 20X15, Hardy Corp. has net income per books of $120,000, which includes straight-line depreciation expense of $5,000. Hardy Corp. claimed accelerated depreciation of $15,000 for tax purposes. Also included in book income were lobbying expenses of $4,000 and a Federal income tax refund of $5,000. What is Hardy Corp.'s current earnings and profits (E & P) for 20X15?

$119,000

$109,000

$124,000

$114,000