On January 1, 2019, Kinney, Inc., an S corporation, reports $37,600 of accumulated E & P and a balance of $94,000 in AAA. Kinney has two shareholders, Erin and Frank, each of whom owns 500 shares of Kinney's stock. Kinney's nonseparately stated ordinary income for the year is $47,000.

Kinney distributes $56,400 to each shareholder on July 1, and it distributes another $28,200 to each shareholder on December 21. How are the shareholders taxed on the distributions? Ignore the 20% QBID.

Do not round intermediate computations. If required, round your final answers to the nearest dollar.

Erin and Frank each report $dividend income for the July 1 distribution and $ each for the December 21 distribution. Assuming that the shareholders have sufficient basis in their stock, both Erin and Frank each receive a

$ distribution from AAA.