Problem: Jayhawk Company reports current E&P of $310,000 and accumulated E&P of negative $282,500. Jayhawk distributed $505,000 to its sole shareholder, Christine Rock, on the last day of the year. Christine's tax basis in her Jayhawk stock is $128,750. (Leave no answer blank. Enter zero if applicable. Negative amounts should be indicated by a minus sign.)
What is Jayhawk's balance in accumulated E&P on the first day of next year?
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