Kite Corporation, a calendar year taxpayer, has taxable income of $360,000 for 2019.Among its transactions for the year are the following: 
Disregarding any provision for Federal income taxes, determine Kite Corporation's current E & P for 2019.
Definitions:
GMAC Purchase Finance
Financial services related to buying, typically provided by General Motors Acceptance Corporation, focusing on auto loans and leases.
Cash Purchase Price
The amount of money required to buy a good, service, or asset without financing or credit.
Effective Interest Rate
The actual return on an investment or the real cost of borrowing, accounting for the effect of compounding interest.
Compounded Monthly
The calculation of interest on the principal amount where the interest accrued is added to the principal every month, allowing for the accumulation of interest on interest.
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