Spartan Corporation redeemed 25 percent of its shares for $4,200 on July 1 of this year, in a transaction that qualified as an exchange under $302(a). Spartan reported accumulated E&P at the beginning of the year of $4,200 and current E&P at year end was $17,600. Spartan made dividend distributions of $3,900 on June 1 and $6,000 on August 31. Determine the beginning balance in Spartan's accumulated E&P at the beginning of the next year. See Revenue Rule 74-338 and Revenue Rule 74-339 for help in making this calculation. Note: Round your intermediate calculations to the nearest whole dollar amount. Answer is complete but not entirely correct. $ 10,450 X Accumulated E&P at the beginning of the next year

Spartan Corporation redeemed 25 percent of its shares for $4,200 on July 1 of this year, in a transaction that qualified as an exchange under $302( a). Spartan reported accumulated E\&P at the beginning of the year of $4,200 and current E\&P at year end was $17,600 Spartan made dividend distributions of $3,900 on June 1 and $6,000 on August 31. Determine the beginning balance in Spartan's accumulated E\&P at the beginning of the next year See Revenue Rule 74338 and Revenue Rule 74.339 for help in making this calculation Note: Round your intermediote colculotions to the neorest whole dollor omount