Ringwald, Inc. a C corporation with $60,000 in accumulated earnings and profits (AE&P) at the end of its tax year three years ago, made an S election at the beginning of the next year. At the end of the current tax year, Ringwald has account balances of $20,000 in the other adjustments account (OAA), $45,000 in the accumulated adjustments account (AAA), and $50,000 in the accumulated earnings and profits (AE&P) before making any distributions. Ringwald makes cash distributions of $8,000 each to its 10 equal shareholders. What is the remaining AE&P balance for Ringwald, Inc. after making the cash distributions to its shareholders, assuming they make no elections for the source of distributions?

a) $35,000 b)$ 0 c) $15,000 d) $50,000