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Earnings and Profits Concept. The concept of earnings and profits serves an import-ant role in...

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Accounting

Earnings and Profits Concept. The concept of earnings and profits serves an import-ant role in the taxation of corporate distributions. Address each of the following: a. What does E&P represent (i.e., conceptually) and what is its function? b. Explain the relationship between E&P, retained earnings, and earned surplus.

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