Brent, Matt, Chris, Brad, and Anwer are five unrelated shareholders who each own 20 of the 100 outstanding shares of Aggie Corporation. On June 30 of this year, Aggie distributed $100,000 in cash to the shareholders. On September 30 of this year, Aggie redeemed all of Anwers shares for $80,000. Aggie had $45,000 of accumulated E&P at the beginning of the year and reported $120,000 of current E&P at year-end. What is Aggies accumulated E&P at the beginning of next year?

Current E&P
Less dividends paid
Undistributed Current E&P
Prorated Undistributed Current E&P at 9/30
Add Accumulated E&P at the beginning of year
Total Accumulated E&P at 9/30
Reduce Accumulated E&P by
Add current E&P in 4th quarter
Accumulated E&P at beginning of next year	$