comprehensive problem 18 68 thriller corporation has one class of voting common sto 384339

Comprehensive Problem 18 68 Thriller Corporation has one class of voting common stock, of which 1,000 shares are issued and outstanding. The shares are owned as follows: Joe Jackson 400 Mike Jackson (Joes son) 200 Jane Jackson (Joes daughter) 200 Vinnie Price (unrelated) 200 Total 1,000 Thriller Corporation has current E&P of $300,000 for this year and accumulated E&P at January 1 of this year of $500,000. During this year, the corporation made the following distributions to its shareholders: 03/31: Paid a dividend of $10/share to each shareholder ($10,000 in total). 06/30: Redeemed 200 shares of Joes stock for $200,000. Joes basis in the 200 shares redeemed was $100,000. 09/30: Redeemed 60 shares of Vinnies stock for $60,000. His basis in the 60 shares was $36,000. 12/31: Paid a dividend of $10/share to each shareholder ($7,400 in total). b.Compute the corporations accumulated E&P at January 1 of next year. (Round all intermediate calculations to 2 decimal places except the shares redeemed ratio which should not be rounded. Round final answers to the nearest dollar amount. Omit the “$” sign in your response.) Accumulated E&P at 01/01/12 $