Required information.Problem 22-52 (LO 22-3) (Algo)[The following information applies to the questions displayed below]Julio and Milania are owners of Falcons Corporation, an S corporation. Each owns 50 percent of Falcons Corporation. Inyear 1, Julio and Milania each received distributions of $10,000 from Falcons Corporation.Sales revenueCost of goods soldFalcons Corporation (an 5 Corporation)Income StatementDecember 31, Year 1 and Year 2Salary to owners Julio and Milania.Employee wagesDepreciation expenseSection 179 expenseInterest income (related to business income)Municipal bond incomeGovernment finesOverall net incomeDistributionsYear 1$ 335,000(42,000)(40,000)(30,000)(20,000)(30,000)10,0001,7000$184,700$ 20,000Year 2465,000(65,000)(80,000)(60,000)(40,000)(50,000)18,5004,400(3,000)$ 189,900$ 50,000 Problem 22-52 Part a (Algo)4a. What amount of ordinary income and separately stated items are allocated to them for year 1 based on the information above?Assume that Falcons Corporation has $230,000 of qualified property (unadjusted basis).Ordinary incomeSection 179 expenseQualified business incomeMunicipal bond incomeDistributionsUnadjusted basis of qualified propertyAmountAllocated toJulioProxAllocated toMilania-S***Mont

Ordinary income: Income which is earned from operations of business including interest, dividend,…

h a. What amount of ordinary income and separately stated items are allocated to them for year 1 based on the information above? Assume that Falcons Corporation has $230,000 of qualified property (unadjusted basis).

h a. What amount of ordinary income and separately stated items are allocated to them for year 1 based on the information above? Assume that Falcons Corporation has $230,000 of qualified property (unadjusted basis).

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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