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Please help with the 2 open questions Required information n {The following information applies to the questions displayed beiowj Jack and .Jill are owners of

Please help with the 2 open questions

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Required information n {The following information applies to the questions displayed beiowj Jack and .Jill are owners of UpAHiII, an S Corporation. They own 25 and 75 percent, respectively. UpAl-lill Corporation (an S Corporation} Income Statement December 31, Year 1 and Year 2 Year 1 Year 2 Sales revenue 5 55,860 $ 318,860 Cost of goods sold (58,000] (85,000] Salary to owners Jack and Jill (48,080] (58,080] Employee wages (15,080] (28,080] Depreciation expense (18,080] (15,080] Miscellaneous expenses (1,580] (9,080] Interest income (related to business) 2,600 2,530 Qualified dividend income 500 1,030 Overall net income 5 45,008 $ 134,508 a. What amount of ordinary income and separately stated items are allocated to them for years 1 and 2 based on the information above?I Assume that UpAHiII Corporation has $100,000 of qualied property [unadjusted basis] in both years. Qualied business income 11 125 33 335 33 335 11m 125 _ Allocated wages Unadjusted basis of qualied property

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