Required information Problem 07-40 (LO 07-2) (Algo) [The following information applies to the questions displayed...
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Required information Problem 07-40 (LO 07-2) (Algo) [The following information applies to the questions displayed below.] Lone Star Company is a calendar-year corporation, and this year Lone Star reported $130,000 in current E\&P that accrued evenly throughout the year. At the beginning of the year, Lone Star's accumulated E\&P was \$15,600. Lone Star declared $39,000 in cash distributions on each of the following dates: April 1, July 1, October 1, and December 31. Note: Leave no answer blank. Enter zero if applicable. Negative amount should be indicated by a minus sign. roblem 07-40 Part b (Algo) Suppose that Matt owned all Lone Star's shares at the beginning of the year and sold half of the shares to Chris on June 1st for 52,000 . How much dividend income will Matt recognize this year
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Required information Problem 07-40 (LO 07-2) (Algo) [The following information applies to the questions displayed below.] Lone Star Company is a calendar-year corporation, and this year Lone Star reported $130,000 in current E\&P that accrued evenly throughout the year. At the beginning of the year, Lone Star's accumulated E\&P was \$15,600. Lone Star declared $39,000 in cash distributions on each of the following dates: April 1, July 1, October 1, and December 31. Note: Leave no answer blank. Enter zero if applicable. Negative amount should be indicated by a minus sign. roblem 07-40 Part b (Algo) Suppose that Matt owned all Lone Star's shares at the beginning of the year and sold half of the shares to Chris on June 1st for 52,000 . How much dividend income will Matt recognize this year 