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This year, Sooner Company reports current E&P of negative $400,000. Its accumulated E&P at the beginning...

This year, Sooner Company reports current E&P of negative $400,000. Its accumulated E&P at the beginning of the year was $316,000. Sooner distributed $632,000 to its sole shareholder, Boomer Wells, on June 30 of this year. Boomer’s tax basis in his Sooner stock is $110,000. (Leave no answer blank. Enter zero if applicable. Negative amounts should be indicated by a minus sign.) c. What is Sooner’s balance in accumulated E&P on the first day of next year?

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