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Problem 5-49 (LO 5-2) (Algo) Identify the amount, if any, that these individuals must include in gross income in the following independent cases. Assume
Problem 5-49 (LO 5-2) (Algo) Identify the amount, if any, that these individuals must include in gross income in the following independent cases. Assume that the Individuals use the cash method of accounting and report income on a calendar-year basis. Required: a. Elmer was an extremely diligent employee this year, and his employer gave him three additional days off with pay (Elmer's gross pay for the three days totaled $2.400, but his net pay was only $1,896). b. Amax purchased new office furniture and allowed each employee to take home old office furniture valued at $370 Complete this question by entering your answers in the tabs below. Required A Required B Elmer was an extremely diligent employee this year, and his employer gave him three additional days off with pay (Elmer's gross pay for the three days totaled $2,400, but his net pay was only $1,896). Amount to be included in gross income Required A Required B >
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