FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Winkin, Blinkin, and Nod are equal shareholders in SleepEZ, an S corporation. In the conditions listed below, how much income should each report from SleepEZ for 2023 under both the daily allocation and the specific identification allocation methods? Refer to the following table for the timing of SleepEZ's income. Period January 1 through March 17 (76 days) March 18 through December 31 (289 days) January 1 through December 31, 2023 (365 days) Note: Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount. b. On March 17, 2023, Blinkin sells his shares to Nod. Winkin Blinkin Nod Income Reported Daily Allocation Method Specific Identification Method Income $ 150,000 400,000 $ 550,000
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Transcribed Image Text:Winkin, Blinkin, and Nod are equal shareholders in SleepEZ, an S corporation. In the conditions listed below, how much income should each report from SleepEZ for 2023 under both the daily allocation and the specific identification allocation methods? Refer to the following table for the timing of SleepEZ's income. Period January 1 through March 17 (76 days) March 18 through December 31 (289 days) January 1 through December 31, 2023 (365 days) Note: Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount. b. On March 17, 2023, Blinkin sells his shares to Nod. Winkin Blinkin Nod Income Reported Daily Allocation Method Specific Identification Method Income $ 150,000 400,000 $ 550,000
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Step 1: Define the daily allocation method and specific method to report income:
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Step 2: Computation of reported income under the daily allocation method:
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Step 3: Computation of reported income under the specific identification method:
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