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Pressley corporation was incorporated on january 1 1994

Question - Pressley Corporation was incorporated on January 1, 1994. The corporation made its S election on March 1, 1998. The corporation retains an E&P balance from its C corporation days. During the current year, it made a cash distribution to its sole shareholder Robert Pressley. What is the proper sequence reducing the corporate earnings accounts for the distribution?

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Accounting Basics: Pressley corporation was incorporated on january 1 1994

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Accounting Basics: Pressley corporation was incorporated on january 1 1994

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