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On 1-1-2017, Pong, Inc., an S corporation, held a AAA balance of $686,000. During the year, the following items occur. Operating income $462,000 Interest income
On 1-1-2017, Pong, Inc., an S corporation, held a AAA balance of $686,000. During the year, the following items occur. Operating income $462,000 Interest income 5,500 Dividend income 14,050 Municipal bond interest income 6,200 Long-term capital loss from sale of investment land 7,400 Charitable contributions 19,000 Cash distributions to shareholders from AAA 57,000 Calculate ending AAA balance
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