Exercise 17-24 (Algorithmic) (LO. 2)

Crane and Loon corporations, two unrelated C corporations, have the following transactions for the current year.

Exercise 17-24 (Algorithmic) (LO. 2) Crane and Loon corporations, two unrelated C corporations, have the following transactions for the current year. Crane Loon $231,000 $369,600 Gross income from operations Expenses from operations Dividends received from domestic corporations (15% ownership) 323,400 388,080 277,200 138,600 Click here to access the dividends received deduction table. a. Compute the dividends received deduction for Crane Corporation. 31,290 x b. Compute the dividends received deduction for Loon Corporation. 175,224 x