Nedd help with an Accounting problem that has to do with Corp.Tax. Need step-by-step instructions please
Caramel Corporation has 18,400 ahres of stock outstanding. In aqualifying stock redemention, Carmel distributes $263,600 inexchange for 4,600 of its shares. At the time of the redemption,Caramel has paid-in-capital of $1,318,000 and E & P of$527,200
The reult of this redemption is a $____________ charge to E& P and a $___________ reduction of the Caramel’spaid-in-capital account.
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