Cedar Corporation Is a Calendar Year Taxpayer Formed in 2015 $$\begin{array} { l l } 2019 & \$ 28,000 \\2018 & \$ 40,000 \\2017 & \$ 39,000 \\2016 & \$ 68,000 \\2015 & \$ 16,000\end{array}$$

Cedar Corporation is a calendar year taxpayer formed in 2015. Cedar's E & P before distributions for each of the past 5 years is listed below. $$\begin{array} { l l } 2019 & \$ 28,000 \\2018 & \$ 40,000 \\2017 & \$ 39,000 \\2016 & \$ 68,000 \\2015 & \$ 16,000\end{array}$$ Cedar Corporation made the following distributions in the previous 5 years. $\begin{array}{cl}2018 & \text { Land (basis of } \$ 70,000 \text {, fair market value of } \$ 80,000) \\2015 & \$ 20,000 \text { cash }\end{array}$ Cedar's accumulated E & P as of January 1, 2020 is:

A) $91,000.
B) $95,000.
C) $101,000.
D) $105,000.
E) None of these.