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Required information

Problem $07-38($LO $07-2)($Algo$)$

$[$The following information applies to the questions displayed below.$]$

This year, Sooner Company reports a deficit in current E&P of $($$$362,000).$ Its accumulated E&P at the beginning of the year was $$270,000.$ Sooner distributed $$540,000$ to its sole shareholder, Boomer, on June $30$ of this year. Boomer's tax basis in the Sooner stock before the distribution is $$101,500.$

Note: Leave no answer blank. Enter zero if applicable. Negative amount should be indicated by a minus sign.

Problem $07-38$ Part c $($Algo$)$

c$.$ What is Sooner's balance in accumulated E&P on the first day of next year?

Balance in accumulated E&P at the beginning of next year