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Required information [The following information applies to the questions displayed below. Winkin, Blinkin, and Nod are equal shareholders in SleepEZ, an S corporation. In the
Required information [The following information applies to the questions displayed below. Winkin, Blinkin, and Nod are equal shareholders in SleepEZ, an S corporation. In the conditions listed below, how much income should each report from SleepEZ for 2018 under both the daily allocation and the specific identification allocation method? Refer to the following table for the timing of SleepEZ's income Period anuary 1 through April 17 (107 days) April 18 through December 31 (258 days) anuary 1 through December 31, 2018 (365 days) Income $ 128,eee 406 , $534,09e (Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount.) b. On April 17, 2018, Blinkin sells his shares to Nod Answer is complete but not entirely correct. Income Reported Daily Specific Identification Method Allocation Method Winkin Blinkin Nod $ 178,000 $ 178,000 $ 36,087 42,667 $ 319,912 x 273,000
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