Answered You can hire a professional tutor to get the answer.
A company begins year 1 with 600,000 of Accumulated Eamp;P. Determine current and accumulated Eamp;P for the end of years 1, 2, amp; 3 with the...
A company begins year 1 with 600,000 of Accumulated E&P. Determine current and accumulated E&P for the end of years 1, 2, & 3 with the following data:
YEAR 1 YEAR 2 YEAR 3
Taxable Income(loss) 450,000 (150,000) 300,000
Installment Sale in year 1 AR 1,000,000, adjusted basis 600,000
Taxes paid 140,000 0 93,000
Insurance Premiums 100,000 120,000 95,000
Life Insurance Death benefit 0 250,000 100,000
Tax Exempt Income 85,000 20,000 50,000
Total Meal & Entertainment 20,000 26,000 12,000
Section 179 Expense 100,000 20,000 100,000
Capital Loss Cf (75,000)
Capital Gain 25,000 55,000 10,000
Capital Loss (35,000)
NOL Carryforward 140,000
Distributions 1,000,000 200,000 210,000
I need to show calculations using Excel spreadsheet. For each year show end of year E&P, beginning of year Accumulated E&P, current year E&P, and treatment of distribution. Please help completing this, thanks