Question: Exercise 3-27 (Algorithmic) (LO. 2) Crane and Loon Corporations, two unrelated C corporations, have the following transactions for the current year. Gross income from

Exercise 3-27 (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 $263,500 Loon $421,600 368,900 442,680 158,100 316,200 Click here to access the dividends received deduction table. a. Compute the dividends received deduction for Crane Corporation. 110,670 X b. Compute the dividends received deduction for Loon Corporation. 206,584 X

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