At the beginning of the year, Crispin, a C corporation, had a deficit of $35,000 in accumulated earnings and profits (E & P). For the current year, Crispin reported E & P of $12,000. Crispin distributed $10,000 during the year. What was the amount of Crispin's accumulated E & P decifit at year-end?

a. $23,000

b. $33,000

c. $27,000

d. $37,000