Required Information {The following information applies to the questions displayed below.) Flintstone Company is owned equally by Fred Stone and his sister Wilma, each of whom holds 3,100 shares in the company. Wilma wants to reduce her ownership in the company, and it was decided that the company will redeem 540 of her shares for $29,700 per share on December 31 of this year. Wilma's income tax basis in each share is $8,400. Flintstone has current E&P of $10,440,000 and accumulated E&P at the beginning of the year of $50.320,000. c. Assuming the company did not make any dividend distributions this year, by what amount does Flintstone reduce Its E&P as a result of the redemption? Reduction in E&P