70. Orville Corporation had earnings and profits of $82,000 for the current year before distribution of dividends. On December 31 of the current year, the company distributed inventory with a fair market value of $16,000 and an adjusted basis of $12,000 as a dividend to its sole individual shareholder, Wilbur. The corporation values its inventory by the first-in, first-out method. Assume the corporate tax rate is 35%. What is the earnings and profits balance at the end of the current year?