Peres, Inc., a calendar year S corporation, holds an AAA balance of $767,050 at the beginning of 2012. During the year, the following items are recorded.
|
Sales income |
$206,000 |
|
Loss from real estate operation |
(5,000) |
|
Officers’ life insurance proceeds |
100,000 |
|
Premiums paid for officers’ life insurance |
(3,600) |
|
Dividend income |
17,000 |
|
Interest income |
3,000 |
|
Charitable contributions |
(19,000) |
|
§179 depreciation expenses |
(2,500) |
|
Administrative expenses |
(42,000) |
|
Cash distribution to shareholders |
(71,300) |
Calculate Peres’s ending AAA balance.