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Priya works for the Shine Company, a retailer of upscale jewelry. How much taxable income does Priya recognize under the following scenarios? Note: Round
Priya works for the Shine Company, a retailer of upscale jewelry. How much taxable income does Priya recognize under the following scenarios? Note: Round your answers to 2 decimal places. Leave no answer blank. Enter zero if applicable. Required: a. Priya buys a diamond ring from Shine Company for $10,900 (normal sales price, $15,380; Shine Company's gross profit percentage is 40 percent). b. Priya receives a 30 percent discount on jewelry restoration services offered by Shine Company. This year, Priya had Shine Company repair a set of antique earrings (normal repair cost $910; discounted price $637.00). Complete this question by entering your answers in the tabs below. Required A Required B Priya buys a diamond ring from Shine Company for $10,900 (normal sales price, $15,380; Shine Company's gross profit percentage is 40 percent). Taxable income Required A Required B >
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