Q Corporation, an S corporation, is solely owned by V. V’s stock basis at the beginning of the year is $8,000. Q has the following beginning-of-year account balances:

Accumulated Adjustments Account (AAA) $10,000

Accumulated Earnings and Profits (AE&P) 15,000

Other Adjustments Account (OAA) 6,000

For the year, Q Corporation reported a net ordinary income of $12,000 and a tax-exempt income of $7,000. It also made a cash distribution to V at year-end of $30,000.

Required

Calculate the corporation's AAA and AE&P at year-end. SHOW WORK FOR PARTIAL CREDIT.