Rust Corporation Has Accumulated E & P of $30,000 on January

question 84

Multiple Choice

Rust Corporation has accumulated E & P of $30,000 on January 1,2010.In 2010,Rust Corporation had an operating loss of $40,000.It distributed cash of $20,000 to Andre,its sole shareholder,on December 31,2010.Rust Corporation's balance in its E & P account as of January 1,2011,is:

• A)$30,000 deficit.
• B)$10,000 deficit.
• C)$0.
• D)$30,000.
• E)None of the above.

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