1. LO.4 Dion, an S shareholder, owned 20% of MeadowBrooks stock for 292 days and 25% for...

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1. LO.4 Dion, an S shareholder, owned 20% of MeadowBrook’s stock for 292 days and 25% for the remaining 73 days in the year. Using the per-day allocation method, compute Dion’s share of the following S corporation items.

Schedule K Totals Dion’s Schedule K–1 Totals Ordinary income $60,000 Tax-exempt interest 1,000 Charitable contributions 3,400

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