Required information. Problem 07-40 (LO 07-2) (Static) [The following information applies to the questions displayed below.) Lone Star Company is a calendar-year corporation, and this year Lone Star reported $100,000 in current E&P that accrued evenly throughout the year. At the beginning of the year, Lone Star's accumulated E&P was $12,000. At the beginning of the year, Lone Star's sole shareholder was Matt McCon. Lone Star declared $30,000 in cash distributions on each of the following dates: March 31, June 30, September 30, and December 31. (Leave no answer blank. Enter zero if applicable. Negative amount should be indicated by a minus sign.) Problem 07-40 Part b (Static) b. Suppose that Matt sold half of his shares to Chris Coop on June 1st for $40,000. How much dividend income will Matt recognize this year? Dividend recognized