On January 1, year 5, Olinto Corp., an accrual basis, calendar year C corporation, had...
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Accounting
On January 1, year 5, Olinto Corp., an accrual basis, calendar year C corporation, had $35,000 in accumulated earnings and profits. For year 5, Olinto had current earnings and profits of $15,000 and made two $40,000 cash distributions to its shareholders, one in April and one in September of year 5. What amount of the year 5 distributions is classified as dividend income to Olintos shareholders?
a.$15,000
b.$35,000
c.$50,000
d.$80,000
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