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

Exercise 17-24 (Algorithmic) (LO. 2) Crane and Loon corporations, two unrelated C

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 $291,000 $465,600 407,400 488,880 174,600 349,200 Click here to access the dividends received deduction table. a. Compute the dividends received deduction for Crane Corporation. b. Compute the dividends received deduction for Loon Corporation.

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