Please help me understand step by step, thank you!

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 or 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