For 2018, Y Inc. had taxable income of $50,000 and a federal income tax liability of $12,000. In computing its taxable income, the following items were considered:

1. Y received a refund of federal income tax of $2,000 for 2016
2. Y received tax-exempt interest of $1,500
3. Y incurred $1,000 of meal expense of which $500 was deductible
4. Y received a $3,000 dividend and claimed a $1,500 DRD
5. Y utilized a capital loss carryover of $4,000 from 2016
6. Y made charitable contributions of $700 in excess of the limitation for 2018
7. Depreciation for taxable income was $10,000 and depreciation for E&P (straight-line) was $2,000

Compute Ys current E&P for 2018.