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Jessica is a one-third owner in Bikes-R-Us, an S corporation that experienced a $47,100 loss...

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Accounting

Jessica is a one-third owner in Bikes-R-Us, an S corporation that experienced a $47,100 loss this year (year 1). Assume her stock basis is $10,840 at the beginning of the year and that at the beginning of year 1 Jessica loaned Bikes-R-Us $3,210. In year 2, Bikes-R-Us reported ordinary income of $12,420. (Leave no answer blank. Enter zero if applicable.)

Required:

What are her stock and debt bases in the corporation at the end of year 2?

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