Sparrow Corporation (a calendar year, accrual basis taxpayer) had the following transactions in 2018, its second year of operation.

Taxable income ..........................................................................................................$330,000
Federal income tax liability paid ...................................................................................69,300
Tax-exempt interest income ...........................................................................................5,000
Meals expense (total) .......................................................................................................3,000
Premiums paid on key employee life insurance ..........................................................3,500
Increase in cash surrender value attributable to life insurance premiums .................700
Proceeds from key employee life insurance policy .................................................130,000
Cash surrender value of life insurance policy at distribution ...................................20,000
Excess of capital losses over capital gains ..................................................................13,000
MACRS deduction............................................................................................................26,000
Straight-line depreciation using ADS lives ...................................................................16,000
Section 179 expense elected during 2017 ...................................................................25,000
Dividends received from domestic corporations (less than 20% owned) ................35,000

Sparrow uses the LIFO inventory method, and its LIFO recapture amount increased by $10,000 during 2018. In addition. Sparrow sold property on installment during 2017. The property was sold for $40,000 and had an adjusted basis at sale of $32,000. During 2018, 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.