[The following information applies to the questions displayed below.] 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 2022 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 May 9 (129 days) May 10 through December 31 (236 days) January 1 through December 31, 2022 (365 days) Note: Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount. a. There are no sales of SleepEZ stock during the year. Winkin Blinkin Nod Income Reported Daily Allocation Method Specific Identification Method Income $ 135,000 393,000 $ 528,000

FINANCIAL ACCOUNTING
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ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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[The following information applies to the questions displayed below.]
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 2022 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 May 9 (129 days)
May 10 through December 31 (236 days)
January 1 through December 31, 2022 (365 days)
Note: Do not round intermediate calculations. Round your final
answers to the nearest whole dollar amount.
a. There are no sales of SleepEZ stock during the year.
Winkin
Blinkin
Nod
Income Reported
Daily
Allocation
Method
Specific
Identification
Method
Income
$ 135,000
393,000
$ 528,000
Transcribed Image Text:! Required information [The following information applies to the questions displayed below.] 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 2022 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 May 9 (129 days) May 10 through December 31 (236 days) January 1 through December 31, 2022 (365 days) Note: Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount. a. There are no sales of SleepEZ stock during the year. Winkin Blinkin Nod Income Reported Daily Allocation Method Specific Identification Method Income $ 135,000 393,000 $ 528,000
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