Che Required information Problem 5-41 (LO 5-1) [The following information applies to the questions displayed below) XYZ declared a $1 per share dividend on August 15. The date of record for the dividend was September 1 (the stock began selling ex-dividend on September 2). The dividend was paid on September 10. Ellis is a cash-method taxpayer. Determine the economic income and the amount he must include in gross income under the following independent circumstances. Problem 5-41 Part-a a. Ellis bought 225 shares of XYZ stock on August 1 for $46 per share. Ellis received a $225 dividend on September 10. Ellis still owns the shares at year-end. Economic Income Amount included in Gross Income