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Problem 13-18 (LO. 2) Penguin Corporation (a cash basis, calendar year taxpayer) recorded the following income and expenses in the current year. Penguin purchased 7-year MACRS property in the current year for $80,000 (current year percentage 14.29% ); it did not claim any $179 additional first-year depreciation. The property has a 10-year ADR midpoint life. a. Determine taxable income and current E \& P for Penguin Corporation. When required, round your answers to the nearest dollar. b. Determine Penguin's current E \& P