As of December 31, 2021, TJ Smoothie Co, Inc. generated $150,000 of revenue. For the same period, TJ Smoothie Co., Inc. had the following expenses: $25,000 in food ingredients $1,000 signing bonus to Paula $2,000 in cups / straws / utensils $2,500 in meals & entertainment $5,000 in equipment (juice presses, blenders, etc.) $1,000 in utilities $10,000 in employee salary $2,000 in tax exempt municipal bond interest $3,000 federal income taxes paid a) Calculate TJ Smoothie Co., Inc.'s taxable income and E&P (highlighting E&P adjustments) for 2021 with the following assumptions: the equipment was placed into service during 2021, has a five-year life and the depreciation expense in 2021 under ACRS was $1,500. b) Assume TJ Smoothie's E&P was a deficit of $25,000 in 2021 and positive $80,000 in 2022. TJ Smoothie makes no distributions in 2021, however makes distributions of $40,000 each to Tom, Jerry, and Paula, and $20,000 to Mary in 2022. What are the tax consequences to the individuals and to TJ Smoothie? Assume the shareholders basis in the stock of TJ Smoothie is equal to what was calculated in Problem 1 b) above