11. On January 1, 2020 Chipewa Corp., a C corporation and a calendar year taxpayer, has accumulated E & P of $190,000. During 2020, Chipewa Corp. has current E & P before distribution of ($240,000). On April 30, 2020 Chipewa Corp. distributes $125,000 to Gregory, its sole shareholder, who has a basis in his stock of $40,000 before the distribution. How much is the balance in accumulated E & P on January 1, 2021? O a) ($160,000) Ob) ($50,000) c) ($10,000) O d) $65,000 e) ($175,000)