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Please I need help with this homework. Thank you Use the following information to complete problems: UpAHill Corporation (an S corporation) Income Statement December 31,

Please I need help with this homework. Thank you

Use the following information to complete problems:

UpAHill Corporation (an S corporation)

Income Statement

December 31, year 1 and year 2

Year 1

Year 2

Sales revenue

$175,000

$310,000

Cost of goods sold

(60,000)

(85,000)

Salary to owners Jack and Jill

(40,000)

(50,000)

Employee wages

(15,000)

(20,000)

Depreciation expense

(10,000)

(15,000)

Miscellaneous expenses

(7,500)

(9,000)

Interest income (related to business)

2,000

2,500

Qualified dividend income

500

1,000

Overall net income

$45,000

$134,500

50. [LO 3] Jack and Jill are owners of UpAHill, an S corporation. They own 25 and 75 percent, respectively.

a. What amount of ordinary income and separately stated items are allocated to them for years 1 and 2 based on the information above? Assume that UpAHill Corporation has $100,000 of qualified property (unadjusted basis) in both years.

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