Problem 13-11 (LO. 2) Compute current E \& P for Sparrow Corporation (a calendar year, accrual basis taxpayer). Sparrow reported the following transiactions during 2021, its second year of operation. - Sparrow uses the LIFO inventory method, and its LIFO recapture amount increased by $10,000 during 2021. - Sparrow sold some property on installments during 2020. The property was sold for $40,000 and had an adjusted basis then of $32,000. During 2021 , Sparrow recelved a $15,000 payment on the installment sale. Indicate whether each item (or part of the item) is "Added" to, "Deducted" from taxable income, or "No effect" when computing ourrent. E \& P. In your computations, if required, round amounts to the nearest dollar. Sparrow Corporation's current E \& P is $ EXHIBIT 3.2 Dividends Received Deduction \begin{tabular}{lc} \hline Percentage of Ownership by Corporate Shareholder & Deduction Percentage \\ \hline Less than 20% & 50% \\ 20% or more (but less than 80% ) & 65% \\ 80% or more* & 100% \\ \hline \end{tabular} -The payor corporation must be a member of an affiliated group with the recipient corporation