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Dion, an S shareholder, owned 20% of MeadowBrook's stock for 292 days and 25% for the remaining 73 days in the year. Using the required per-day allocation method, compute Dion's share of the following S corporation items. Assume 365 days in a year. Ordinary income Tax-exempt interest Schedule K Totals Dion's Schedule K-1 Totals $206,000 2,060 300 45,780 X 2,180 X 2.289 X

Dion, an S shareholder, owned 20% of MeadowBrook's stock for 292 days and 25% for the remaining 73 days in the year. Using the required per-day allocation method, compute Dion's share of the following S corporation items. Assume 365 days in a year. Ordinary income Tax-exempt interest Schedule K Totals Dion's Schedule K-1 Totals $206,000 2,060 300 45,780 X 2,180 X 2.289 X

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Exercise 15-1 (Algorithmic) (LO. 4) Dion, an S shareholder, owned 20% of MeadowBrook's stock for 292 days and 25% for the remaining 73 days in the year. Using the required per-day allocation method, compute Dion's share of the following S corporation items. Assume 365 days in a year. Ordinary income Tax-exempt interest Charitable contributions Schedule K Totals Dion's Schedule K-1 Totals $206,000 2,060 10,300 45,780 X 2,180 X 2,289 X
Transcribed Image Text:Exercise 15-1 (Algorithmic) (LO. 4) Dion, an S shareholder, owned 20% of MeadowBrook's stock for 292 days and 25% for the remaining 73 days in the year. Using the required per-day allocation method, compute Dion's share of the following S corporation items. Assume 365 days in a year. Ordinary income Tax-exempt interest Charitable contributions Schedule K Totals Dion's Schedule K-1 Totals $206,000 2,060 10,300 45,780 X 2,180 X 2,289 X
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