Help. I am having issues solving the problem below for part b only (part a is already solved). For part b, how do you get accumulated E&P of 1,960 and 3,040? Also, why are the proportion of total distribution 1/6 for 6,000 and 5/6 for 30,000? Also, please help me find the total amount of dividends paid out.

Please write your explanations neatly or type them out. I would appreciate it.

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Tiny and Tim each own half of the 100 outstanding shares of Flower Corporation. This year, Flower reported taxable income of $6,000. In addition, Flower received $20,000 of life insurance proceeds due to the death of an employee (Flower paid $500 in life insurance premiums this year). Flower had $5,000 of accumulated E&P at the beginning of the year.

a. What is Flowers current E&P?

Taxable income$ 6,000

Less: Tax at 21%- 1,260

Plus: tax exempt income+ 20,000

Less: expenses associated with exempt income- 500

Current E&P$ 24,240

b. Flower distributed $6,000 on February 15 and $30,000 on August 1. What total amount of dividends will Tiny and Tim report?