Required information Problem 18-35 (LO 18-2) [The following information applies to the questions displayed below.) This year, Sooner Company reports a deficit in current E&P of ($300,000). Its accumulated E&P at the beginning of the year was $200,000. Sooner distributed $400,000 to its sole shareholder, Boomer Wells, on June 30 of this year. Boomer's tax basis in his Sooner stock is $75,000. (Leave no answer blank. Enter zero if applicable. Negative amount should be indicated by a minus sign.) Problem 18-35 Part a a. How much of the $400,000 distribution is treated as a dividend to Boomer? Dividend Problem 18-35 Part b b. What is Boomer's tax basis in his Sooner stock after the distribution? Tax basis Problem 18-35 Part 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