Required information

Problem 11-49 (LO 11-3) (Static)

Skip to question

[The following information applies to the questions displayed below.] Winkin, Blinkin, and Nod are equal shareholders in SleepEZ, an S corporation. In the conditions listed below, how much income should each report from SleepEZ for 2021 under both the daily allocation and the specific identification allocation methods? Refer to the following table for the timing of SleepEZs income.

Period	Income
January 1 through March 15 (74 days)	$ 125,000
March 16 through December 31 (291 days)	345,500
January 1 through December 31, 2021 (365 days)	$ 470,500

(Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount.)

Problem 11-49 Part a (Static)

a. There are no sales of SleepEZ stock during the year.

Prev

Question 10 linked to 11 and 12 of 12 Total