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My Final Test, Inc is a calendar year S corporation. My Final Test's Form 1120S shows 1,000,000 stated ordinary income for the year. Johnny owns
My Final Test, Inc is a calendar year S corporation. My Final Test's Form 1120S shows 1,000,000 stated ordinary income for the year. Johnny owns 100% of the My Final Test stock throughout the year. The following information is obtained from the corporate records. Tax exempt interest income salary paid to Johnny Charitable contributions Rental Income Dividends received from 50% Subsidiary Depreciation Cost of goods sold Administrative expenses Long-term capital gain Selling expenses Johnny's stock basis Beginning AAA 3,000 100,000 10,000 100,000 50,000 75,000 150,000 65,000 20,000 110,000 250,000 0.00 A. Calculate My Final Test's ending AAA balance
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