Reference no: EM132632556
Question - Thriller Corporation has 1 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 (Joe's son) 200
Jane Jackson (Joe's daughter) 200
Vinnie Price (unrelated) 200
Total shares 1,000
Thriller Corporation has current E&P of $400,000 for this year and accumulated E&P at January 1 of this year of $60,000. During this year, the corporation made the following distributions to its shareholders:
03/31: Distributed $100 per share to each shareholder ($100,000 in total).
06/30: Distributed $100 per share to each shareholder ($100,000 in total).
09/30: Distributed $100 per share to each shareholder ($100,000 in total).
12/31: Redeemed all of Vinnie's shares for $250,000 in cash.
Required - Compute the corporation's accumulated E&P at January 1 of next year. (Do not round intermediate calculations.)