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Berry Corporation has accumulated E & P of $30,000 on January 1. During the year,...

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Accounting

Berry Corporation has accumulated E & P of $30,000 on January 1. During the year, the corporation distributes $120,000 to its sole shareholder, Jackson (an individual). Berry Corporation's E & P as of January 1 of the following year is

$0. ($35,000). $40,000. $85,000. None of the above

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