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Exercise 15-1 (LO. 4) Dion, an S shareholder, owned 20% of MeadowBrook's stock for 292 days and 25% for the remaining 73 days in the
Exercise 15-1 (LO. 4) Dion, an S shareholder, owned 20% of MeadowBrook's stock for 292 days and 25% for the remaining 73 days in the year. Using the required per-day allocation method, compute Dion's share of the following S corporation items. Assume 365 days in a year. Schedule K Totals Dion's Schedule K1 Totals Ordinary income $60,000 $fill in the blank 1 36,960 Tax-exempt interest 1,000 $fill in the blank 2 369 Charitable contributions 3,400 $fill in the blank 3 1,848
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