Alanna corp. distributed 10000 cash to joshua its sloe, Ask an Expert

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Alanna Corp. distributed $10,000 cash to Joshua, its sloe Class A common stockholder in May, 2012. It also made a $10,000 cash distribution to Ben, its sole Class B common stockholder in December, 2012. The corporation has $6,000 in current earnings and profits for the year and $8,000 in accumulated earnings and profits. How will the corporation identify the distributions to Joshua and Ben?

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M945595

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