Beige Corporation (a calendar year taxpayer) has taxable income of $150,000, and its financial records reflect the following for the year. Federal income taxes paid $75,000 Net operating loss carryforward deducted currently 35,000 Gain recognized this year on an installment sale from a prior year 22,000 Depreciation deducted on tax return (ADS depreciation would have been $5,000) 20,000 Interest income on Iowa state bonds 4,000 Beige Corporations current E & P is: Answer a. $68,000. b. $77,000. c. $103,000. d. $107,000. e. None of the above