Sparrow Corporation (a calendar year, accrual basis taxpayer) had the following transactions in 2014, its second year of operation.

Sparrow uses the LIFO inventory method, and its LIFO recapture amount increased by $10,000 during 2014. In addition, Sparrow sold property on installment during 2013. The property was sold for $40,000 and had an adjusted basis at sale of $32,000. During 2014, Sparrow received a $15,000 payment on the installment sale. Finally, assume that no additional first-year depreciation was claimed. Compute Sparrow’s current E & P.