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Blababa [14]
3 years ago
12

Assume Joe Harry sells his 25% interest in Joe's S Corp., Inc. to Tyrone on January 29. Using the specific identification alloca

tion method, how much income does Joe Harry report if Joe's S Corp., Inc. earned $200,000 from January 1 to January 29 and a total of $1,460,000 from January 1 through December 31 (365 days)?
Business
1 answer:
WARRIOR [948]3 years ago
4 0

Answer:

The $29,000 is the income which does harry report

Explanation:

Special identification allocation method: Under this method, the allocation is done on the basis of days, weeks, etc to know how much inventory is left on the particular date.

First we have to calculate the income of one day so that we can easily compute for the 29 days. The calculation is shown below.

One day income = Total income ÷ Number of days in a year

                            = $1,460,000 ÷ 365 days

                            = $4,000

Now,the income is

= one day income × 29 days × rate if interest

= $4,000 × 29 × 25%

= $29,000

Thus, the $29,000 is the income which does harry report

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Attached grap with point A and B.

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