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Problem 22-24 (Algorithmic) (LO, 5, 6) The proft and loss statement of kitsch tid, an 5 covporation, shows $235,000 book income. kasch is owned ecualiy by tour sharaholgern. from supplemental data, you obtain the following information about items that are included in book income. a. Compute Kitsch's nonsepsrately stated income or loss for the tax year. The entity's nonseparately stated computed b. What would be the share of this year's nonseparately staked income or loss items for James Bilingi, one of the kitich shareholders? c. What is James Billings' share if tax-txempt interest income, if any? Round your answer to the nearest dollar. Is the income taxable to him this year? Problem 22-24 (Algorithmic) (LO, 5, 6) The proft and loss statement of kitsch tid, an 5 covporation, shows $235,000 book income. kasch is owned ecualiy by tour sharaholgern. from supplemental data, you obtain the following information about items that are included in book income. a. Compute Kitsch's nonsepsrately stated income or loss for the tax year. The entity's nonseparately stated computed b. What would be the share of this year's nonseparately staked income or loss items for James Bilingi, one of the kitich shareholders? c. What is James Billings' share if tax-txempt interest income, if any? Round your answer to the nearest dollar. Is the income taxable to him this year