kordejah348
05.03.2021 •
Business
Tugboats Corporation, a calendar year corporation that began doing business on January 1, 2007, had $35,000 in accumulated earnings and profits on January 1, 2013. Tugboats had an operating loss of $60,000 for the first six months of 2013, but had $10,000 in earnings for the entire year. Tugboats made a distribution of $25,000 cash to its stockholders on April 1, 2013. What is the amount of Tugboat's accumulated earnings and profits on January 1, 2014
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