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Problem based on accumulated earnings and profits

Problem: Chum Corporation distributed $20,000 cash to George, its sole Class A common stockholder in May of the current year and it made a $20,000 cash distribution to Bennie its sole Class B common stockholder in December of the current year. The corporation has $15,000 in current earnings and profits for the year and $18,000 in accumulated earnings and profits. How will the corporation identify the distribution to George and Bennie?

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Accounting Basics: Problem based on accumulated earnings and profits

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