Question: This year, Sooner Company reports a deficit in current E&P of ($478,000). Its accumulated E&P at the beginning of the year was $392,000. Sooner distributed

This year, Sooner Company reports a deficit in current E&P of ($478,000). Its accumulated E&P at the beginning of the year was $392,000. Sooner distributed $784,000 to its sole shareholder, Boomer Wells, on June 30 of this year. Boomers tax basis in his Sooner stock before the distribution is $120,000. (Leave no answer blank. Enter zero if applicable. Negative amount should be indicated by a minus sign.)

c. What is Sooners balance in accumulated E&P on the first day of next year?

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