What is hawkeyes balance in accumulated eampp as of january, Ask an Expert

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Hawkeye Company reports current E&P of $415,000 this year and accumulated E&P at the beginning of the year of $302,500. Hawkeye distributed $420,000 to its sole shareholder, Ray Kinsella, on December 31 of this year. Ray's tax basis in his Hawkeye stock is $92,500

What is Hawkeye's balance in accumulated E&P as of January 1 of next year?

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M945006

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