Question 2 - Week 5 Practice - Connect
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Colorado Technical University**We aren't endorsed by this school
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ACCT 411
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Accounting
Date
Dec 17, 2024
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1
Uploaded by AgentThunderWolverine24
eBookHintPrintReferences2Part 2 of 33.21pointsWeek 5 PracticeHelp Save & ExitSubmitSavedCheck my work2Required 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, howmuch income should each report from SleepEZ for 2023 under both the daily allocation and the specificidentification allocation methods? Refer to the following table for the timing of SleepEZ's income.PeriodIncomeJanuary 1 through March 31 (90 days)$ 170,000April 1 through December 31 (275 days)439,000January 1 through December 31, 2023 (365 days)$ 609,000Note: Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount.!b. On March 31, 2023, Blinkin sells his shares to Nod.Income ReportedDaily Allocation MethodSpecific Identification MethodWinkinBlinkinNodPrev⦂Next ←23of14▦→
