Question: Exercise 17-24 (Algorithmic) (LO. 2) Crane and Loon corporations, two unrelated C corporations, have the following transactions for the current year. Gross income from operations

Exercise 17-24 (Algorithmic) (LO. 2) Crane and Loon corporations, two unrelated C corporations, have the following transactions for the current year. Gross income from operations Expenses from operations Dividends received from domestic corporations (15% ownership) Crane Loon $206,000 $329,600 288,400 346,080 123,600 247,200 Click here to access the dividends received deduction table. a. Compute the dividends received deduction for Crane Corporation. 20,600 X $ b. Compute the dividends received deduction for Loon Corporation. $ 115,360

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