On January 1, 2020, Kinney, Inc., an s corporation, reports $38,400 of accumulated E & P and a balance of $96,000 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 $48,000 Kinney distributes $57,600 to each shareholder on July 1, and it distributes another $28,800 to each shareholder on December 21. How are the shareholders taxed on the distributions? Ignore the 20% QBI deduction, Do not round intermediate computations. If required, round your final answers to the nearest dollar. Erin and Frank each report X dividend income for the July 1 distribution and X each for the December 21 distribution. Assuming that the shareholders have sufficient basis in their stock, both Erin and Frank each receive a tax-free distribution from AAA