8. (TCOs 1 and 10) Beginning in 2010, the AAA of Amit, Inc. an S corporation, has a balance of $725,000. During the year, the following items occur:
|
Operating income
|
$472,000
|
|
Interest income
|
$6,500
|
|
Dividend income
|
$14,050
|
|
Municipal bond interest income
|
$6,000
|
|
Long-term capital loss from sale of investment land
|
$7,400
|
|
Charitable contributions
|
$19,000
|
|
Cash distributions to shareholders
|
$57,000
|
What is Amit's ending AAA balance?
$1,153,150
$1,134,150
$1,127,650
$1,126,750