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Required Informetlon The following Information applies to the questions displayed below.j Winkin, Blinkin, and Nod are equal shareholders In SleepEZ, an S corporation. In the
Required Informetlon The following Information applies to the questions displayed below.j 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 dally allocation and the specific ldentification allocation method? Refer to the following table for the timing of SleepEZ's Income Period January 1 through April 4 (94 days) April 5 through December 31 (271 days) anuary 1 through December 31, 2818 (365 days) 139,88 485,88 $544,800 (Do not round Intermedlate calculations. Round your final answers to the nearest whole doller amount.) a. There are no sales of SleepEZ stock during the year Answer is complete and correct. Income Reported Specific Identification Method Allocation Method Winkin Blinkin Nod 181,333S 181,333 181,333 181.333 181.333 $ 181.333 b. On Aprll 4, 2018, BlInkin sells his shares to Nod Answer is complete but not entirely correct. Income Reported Allocation Method Specific Identification Method Winkin Blinkin Nod 181.333 181.333 46,333 140,595 316,333 40,737 c. On April 4, 2018, Winkin and Nod each sell thelr shares to Blinkin. Income Reported Daily Method Specific Allocation Identification Method Winkin Nod Blinkin
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