Q 1-3 C Jayhawk Company reports current E&P of $310,000 and accumulated E&P of negative $282,500. Jayhawk
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Q 1-3 C
Jayhawk Company reports current E&P of $310,000 and accumulated E&P of negative $282,500. Jayhawk distributed $505,000 to its sole shareholder, Christine Rock, on the last day of the year. Christines tax basis in her Jayhawk stock is $128,750.(Leave no answer blank. Enter zero if applicable.Negative amounts should be indicated by a minus sign.)
What is Jayhawks balance in accumulated E&P on the first day of next year?
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