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[The following information applies to the questions displayed below.) Beaver Corporation reported taxable income of $500,000 from operations this year. The company paid federal Income taxes of $105,000 on this taxable income. During the year, the company made a distribution of land to its sole shareholder, Eugenia VanDam. The land's fair market value was $20,000, and its income tax and E&P adjusted tax basis to Beaver was $50,000. Eugenia assumed a mortgage on the land of $25,000. Beaver Corporation had accumulated E&P of $1,500,000. (Leave no answer blank. Enter zero if applicable.) Problem 18-48 Part a (Static) a. Compute Beaver's taxable income and federal income tax. Answer is complete but not entirely correct. Taxable income $ 500,000 Federal income tax S 170,000 (The following information applies to the questions displayed below.) Beaver Corporation reported taxable income of $500,000 from operations this year. The company paid federal income taxes of $105,000 on this taxable income. During the year, the company made a distribution of land to its sole shareholder, Eugenia VanDam. The land's fair market value was $20,000, and its income tax and E&P adjusted tax basis to Beaver was $50,000. Eugenia assumed a mortgage on the land of $25,000. Beaver Corporation had accumulated E&P of $1,500,000. (Leave no answer blank. Enter zero if applicable.) Problem 18-48 Part b (Static) b. Compute Beaver's current E&P. Answer is complete but not entirely correct. Current E&P $ 330,000 [The following information applies to the questions displayed below.) Beaver Corporation reported taxable income of $500,000 from operations this year. The company paid federal income taxes of $105,000 on this taxable income. During the year, the company made a distribution of land to its sole shareholder, Eugenia VanDam. The land's fair market value was $20,000, and its income tax and E&P adjusted tax basis to Beaver was $50,000. Eugenia assumed a mortgage on the land of $25,000. Beaver Corporation had accumulated E&P of $1,500,000. (Leave no answer blank. Enter zero if applicable.) Problem 18-48 Part c (Static) c. Compute Beaver's accumulated E&P at the beginning of next year. Answer is complete but not entirely correct. Accumulated E&P at the beginning of next year $ 1,805,000

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