Required information Problem 18-38 (LO 18-2) (Algo) [The following information applies to the questions displayed below.) This year, Sooner Company reports a deficit in current E&P of ($342,000). Its accumulated E&P at the beginning of the year was $246,000. Sooner distributed $492,000 to its sole shareholder, Boomer Wells, on June 30 of this year. Boomer's tax basis in his Sooner stock before the distribution is $76,500. (Leave no answer blank. Enter zero if applicable. Negative amount should be indicated by a minus sign.) Problem 18-38 Part-a (Algo) a. How much of the $492,000 distribution is treated as a dividend to Boomer? Dividend b. What is Boomer's tax basis in his Sooner stock after the distribution? Tax basis ht c. What is Sooner's balance in accumulated E&P on the first day of next year? nces Balance in accumulated E&P at the beginning of next year