Edna’s Edibles, Inc. is a C corporation that has the following activity in the current year:
Gross Receipts (no book/tax differences) $600,000
Dividends received on stock in Pharm Team Corp (Edna’s owns 5% of Pharm Team’s outstanding stock); for GAAP, Edna’s reports the dividends as income 9,000
Tax exempt interest received 2,600
Long Term Capital Gain 6,000
Long Term Capital Loss (10,000)
Entertainment Expense (600)
Other Expenses (no book/tax differences) (202,000)
Depreciation per Books (6,000)
Federal Income Taxes Per Books (also = Estimated Payments Made) (100,000)
Book Income 299,000
Other Information:
Depreciation for tax purposes (11,000)
Depreciation for E&P purposes (8,000)
NOL Carryover from a Prior Year (15,000)

What number will appear on the company's Schedule M-1, Line 10?
Edna’s Edibles, Inc. is a C corporation that has the following activity in the current year:
Gross Receipts (no book/tax differences) $600,000
Dividends received on stock in Pharm Team Corp (Edna’s owns 5% of Pharm Team’s outstanding stock); for GAAP, Edna’s reports the dividends as income 9,000
Tax exempt interest received 2,600
Long Term Capital Gain 6,000
Long Term Capital Loss (10,000)
Entertainment Expense (600)
Other Expenses (no book/tax differences) (202,000)
Depreciation per Books (6,000)
Federal Income Taxes Per Books (also = Estimated Payments Made) (100,000)
Book Income 299,000
Other Information:
Depreciation for tax purposes (11,000)
Depreciation for E&P purposes (8,000)
NOL Carryover from a Prior Year (15,000)

What is the company's current E&P?
A. $294,000
B. $297,000
C. $301,000
D. $301,500
E. $316,500
F. $376,500
G. $397,000
H. None of the above/some other amount