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Calculate the balance in Lonergan AAA and AEP accounts

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Problem - Lonergan, Inc., a calendar year S corporation in Athens, Georgia, had a balance in AAA of $200,000 and AEP of $110,000 on December 31, 2019. During 2020, Lonergan, Inc., distributes $140,000 to its shareholders, while sustaining an ordinary loss of $120,000. Calculate the balance in Lonergan's AAA and AEP accounts at the end of 2020.

Reference no: EM132648565

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