Valence Corporation's Form 1120S shows ordinary income of $88,000 for the year. Daniel owns 40% of the Valence stock throughout the year. The following information is obtained from the corporate records:

Salary paid to Daniel	($40,000)
Tax-exempt interest income	5,000
Charitable contributions	(6,000)
Dividends received from a non-U.S. corporation	5,000
Long-term capital loss	(6,000)
Depreciation recapture income	11,000
Refund of prior-year state income taxes	5,000
Cost of goods sold	(80,000)
Short-term capital loss	(7,000)
Administrative expenses	(18,000)
Short-term capital gain	14,000
Selling expenses	(11,000)
Daniel's beginning stock basis	32,000
Daniel's additional stock purchases	9,000
Beginning AAA	45,000
Daniel's loan to corporation	$20,000

a. Valence's book income is $fill in the blank.

S corporations are treated much like partnerships for tax purposes. With a few exceptions, S corporations generally make tax accounting and other elections at the corporate level. Subchapter S taxable income or loss is determined in a manner similar to the tax rules that apply to partnerships, except that S corporations recognize gains (but not losses) on distributions of appreciated property to shareholders.

b. Daniel's ending stock basis is $fill in the blank.

c. Ending corporate AAA is $fill in the blank.