Bismuth Corporation has accumulated E & P of $50,000 on January 1, 2019. For 2019, Bismuth had an operating loss of $120,000. It distributed cash of $70,000 to Jimmy, its sole shareholder, on December 31, 2019. Bismuths E&P balance as of January 1, 2020, is:

a. $120,000 deficit

b. $70,000 deficit

c. $20,000 deficit

d. $0

e. None of the above