Spartan Corporation uses a calendar year and redeemed 25 percent of its shares for $3,300 on July 1 of this year, in a transaction that qualified as an exchange under 302(a). Spartans accumulated E&P at the beginning of the year was $3,300. Its current E&P is $15,600. Spartan made dividend distributions of $1,500 on June 1 and $4,200 on August 31. Determine the beginning balance in Spartans accumulated E&P at the beginning of the next year. See Rev. Rul. 74-338, 1974-2 C.B. 101 and Rev. Rul. 74-339, 1974-2 C.B. 103 for help in making this calculation.