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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 your
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 $15,400 (normal sales price, $20,020; Shine Company's gross profit percentage is 40 percent). b. Priya receives a 31 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 \$715; discounted price \$493.35). Complete this question by entering your answers in the tabs below. Priya buys a diamond ring from Shine Company for $15,400 (normal sales price, $20,020; Shine Company's gross profit percentage is 40 percent)
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