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Becker CPA Review 19-7 ABC Corp. paid two cash distributions during...

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Accounting

Becker CPA Review 19-7
ABC Corp. paid two cash distributions during year 5. The first was $42,000, and the second was $33,000. Accumulated earnings and profits (E&P) at the end of year 4 were $80,000. Current E & P for year 5 is $30,000. How will the second distribution be allocated between current E & P and accumulated E & P?
Current E & P
a.
b.
c.
$19,800
d.
d.
Accumulated E & P
$19,800
$16,500
$13,200
$30,000
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