Required information [The following information applies to the questions displayed below.] Jayhawk Company reports current E&P of $350,000 and a deficit in accumulated E&P of ($230,000). Jayhawk distributed $490,000 to its sole shareholder, Christine Rock, on the last day of the year. Christine's tax basis in her Jayhawk stock is $98,250. (Leave no answer blank. Enter zero if applicable. Negative amount should be indicated by a minus sign.) c. What is Jayhawk's balance in accumulated E&P on the first day of next year? Answer is complete but not entirely correct. Balance in accumulated E & P at the beginning of next year $ 230,000