Calculate the balance in Lonergans AAA and AEP accounts

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Reference no: EM13748964

Lonergan, Inc., a calendar year S corporation in Athens, Georgia, had a balance in AAA of $200,000 and AEP of $110,000 on December 31, 2014. During 2015, Lonergan, Inc., distributes $140,000 to its shareholders, while sustaining an ordinary loss of $120,000. Calculate the balance in Lonergan's AAA and AEP accounts at the end of 2015.

Reference no: EM13748964

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