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 2021 under both the daily allocation and the specific identification allocation methods? Refer to the following table for the timing of SleepEZ's income. Period Income $ 125,000 January 1 through March 1 (60 days) March 2 through December 31 (305 days) 350,000 January 1 through December 31, 2021 (365 days) $ 475,000 (Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount.) . There are no sales of SleepEZ stock during the year.

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 2021 under both the daily allocation and the specific identification allocation methods? Refer to the following table for the timing of SleepEZ's income. Period Income $ 125,000 January 1 through March 1 (60 days) March 2 through December 31 (305 days) 350,000 January 1 through December 31, 2021 (365 days) $ 475,000 (Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount.) . There are no sales of SleepEZ stock during the year.

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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