ABC Corp. paid two cash distributions during year 5. The first was $42,000, and the second was $33,000. Accumulated earnings and profits (E & P) at the end of year 4 were $10,000. Current E & P for year 5 is $30,000. How will the first distribution be allocated between current E & P and accumulated E & P? Can you also please explain the Accumulated E&P calculation as well & the Distribution of Current E&P Calculation? Thank you