As of january 1, cassowary corporation has a deficit in accumulated e & p of $100,000. for the tax year, current e & p (accrued ratably) is $240,000 (prior to any distributions). on july 1, cassowary corporation distributes $275,000 to its sole shareholder. the shareholder has a basis in the stock of $1.what amount of the distribution is a dividend, roc and capital gains?

The following cost and inventory data are taken from the accounting records of mason company for the year just completed: costs incurred: direct labor cost $ 90,000 purchases of raw materials $ 134,000 manufacturing overhead $ 205,000 advertising expense $ 45,000 sales salaries $ 101,000 depreciation, office equipment $ 225,000 beginning of the year end of the year inventories: raw materials $ 8,100 $ 10,300 work in process $ 5,900 $ 21,000 finished goods $ 77,000 $ 25,800 required: 1. prepare a schedule of cost of goods manufactured. 2. prepare the cost of goods sold section of mason company’s income statement for the year.