21. Valence Corporation's Form 1120S shows ordinary income of $88,000 for the year. Daniel owns 40% of the Valence stock throughout the year. The following information is obtained from the corporate records. Salary paid to Daniel ($40,000) Tax-exempt interest income 5,000 Charitable contributions (6,000) Dividends received from non-U.S. corporation 5,000 Long-term capital loss (6,000) Depreicaiton recapture income 11,000 Refund of prior-year state income taxes 5,000 Cost of goods sold (80,000) Short-term capital loss (7,000) Administrative expenses (18,000) shor-term capital gain 14,000 selling expenses (11,000) Daniel's beginning stock basis 32,000 Daniel's additional stock purchases 9,000 Beginning AAA 45,000 Daniel's loan to corporation 20,000 a. Compute Valence's book income or loss. b. Compute Daniel's ending stock basis c. Calculate ending corporate AAA