CPA-02017On January 1, Year 1, Locke Corp., an accrual-basis, calendar-year C corporation, had USD 30,000 in accumulated earnings and profits. For Year 1, Locke had current earnings and profits of USD 20,000, and made two USD 40,000 cash distributions to its shareholders, one in April and one in September of Year 1. What amount of the Year 1 distributions is classified as dividend income to Locke's shareholders?
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