On January 1, 2023, Kinney, Inc., an S corporation, reports $35,200 of accumulated E&P and a balance of $88,000 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 $44,000. Kinney distributes $52,800 to each shareholder on July 1 , and it distributes another $26,400 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 \$ distribution and \$ dividend income for the July 1 X each for the December 21 distribution. Assuming that the shareholders have sufficient basis in their stock, Erin and Frank each receive a $ X distribution from AAA