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please help Voyager Corporation is an S corporation with two equal shareholders, Archer and Janeway. This year, Voyager recorded the following items of income and
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Voyager Corporation is an S corporation with two equal shareholders, Archer and Janeway. This year, Voyager recorded the following items of income and expense: Sales revenue Interest income Long-term capital gain Cost of goods sold Salary and wages Other operating expenses $ 250,000 3,000 5,000 (125,000) (50,000) (25,000) Voyager distributed $25,000 to each of its shareholders during the year. a) Calculate the S corporation's ordinary (non-separately stated) income and indicate which items must be separately stated. b) If at the beginning of the year, Archer had a basis of 20,000 compute Archer's basis at the end of the year. c) Assume that Voyager reported a loss of $70,000 instead (and no separately stated items or distributions). If Janeway had a basis of 10,000 in her stock at the beginning of the year, what is the amount of loss she can report on her returnStep by Step Solution
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