At the beginning of the year, the Accumulated Adjustments Account (AAA) of Gopher Corporation, an S corporation, has a balance of $690,000. Gophers Other Adjustments Account (OAA) has a beginning balance of $62,000. Gopher has two 50% shareholders. During the year, the following items occur:

Operating income	$625,000
Dividend income	8,000
Interest income from corporate bond	10,000
Interest income from municipal bonds	3,200
Long-term capital gain from sale of vacant land	28,500
Short-term capital loss from sale of 3M stock	(10,200)
Nondeductible sales tax penalty paid to State of North Dakota	(1,400)
Charitable contributions (cash) to American Red Cross	(28,000)
Interest expense on loan used to purchase municipal bonds	(2,300)
Premiums paid on key officer life insurance policy*	(18,000)
Cash distributions to shareholders	300,000

*Gopher Corporation is the beneficiary of the life insurance policy.

Compute Gophers ending AAA and OAA balances for the year. Show computations.