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6. Towne, Inc., a calendar year S corporation, holds AAA of $637,050 at the beginning of the tax year. During the year, the following items

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6. Towne, Inc., a calendar year S corporation, holds AAA of $637,050 at the beginning of the tax year. During the year, the following items occur. Sales income $216,000 Officers' life insurance proceeds 100,000 Premiums paid for officers' life insurance (3.600) Dividend income 17,000 Interest income 3,000 Charitable contributions (22,000) $ 179 depreciation expense (2,500) Administrative expenses (35,000) Cash distributions to shareholders (75,220) Calculate Towne's ending AAA balance

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