Comprehensive Problem 18-68 Thriller Corporation has one class of voting common stock, of which 1,000 shares are issued and outstanding. The shares are owned as follows: Joe Jackson 400 Mike Jackson (Joes son) 200 Jane Jackson (Joes daughter) 200 Vinnie Price (unrelated) 200 -------------------------------------------------------------------------------- Total 1,000 Thriller Corporation has current E&P of $300,000 for this year and accumulated E&P at January 1 of this year of $500,000. During this year, the corporation made the following distributions to its shareholders: 03/31: Paid a dividend of $10/share to each shareholder ($10,000 in total). 06/30: Redeemed 200 shares of Joes stock for $200,000. Joes basis in the 200 shares redeemed was $100,000. 09/30: Redeemed 60 shares of Vinnies stock for $60,000. His basis in the 60 shares was $36,000. 12/31: Paid a dividend of $10/share to each shareholder ($7,400 in total). b.Compute the corporations accumulated E&P at January 1 of next year. (Round all intermediate calculations to 2 decimal places except the shares redeemed ratio which should not be rounded. Round final answers to the nearest dollar amount. Omit the "$" sign in your response.) Accumulated E&P at 01/01/12 $