Assume that Olive Corporation, in Comprehensive Problem 1, is an S corporation owned 50 percent...
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Accounting
Assume that Olive Corporation, in Comprehensive Problem 1, is an S corporation owned 50 percent by Linda Holiday and 50 percent by Ralph Winston. The corporation is not subject to any special taxes. Using the relevant information given in Comprehensive Problem 1 and assuming the corporations retained earnings are $33,000 instead of $28,800, accounts payable are $2,000 instead of $6,200, and no estimated tax payments are made, complete Form 1120S for Olive Corporation and Schedule K-1 for Linda on Pages 11-45 through 11-52. Assume there were no cash distributions during the year.
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