Required information [The following information applies to the questions displayed below.j Winkin, Blinkin, and Nod...
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Required information [The following information applies to the questions displayed below.j 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 2017 under both the daily allocation and the specific identification allocation method? Refer to the following table for the timing of SleepEZ's income Period Income January 1 through April 17 (107 days) April 18 through December 31 (258 days) $ 128,000 406,000 January 1 through December 31, 2017 (365 days)534,000 (Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount.) c. On April 17, 2017, Winkin and Nod each sell their shares to Blinkin Income Reported Daily Allocation Specific Identification Method $ 52.181 $ 42,667 $ 52,181 X$ 42,667x $ 429,6380$ 448,6670 Method Winkin Blinkin Nod
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