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5, 6 The profit and loss statement of Strategy, Inc., an S corporation, shows net profits of $101,000 (book income). The corporation has three equal...

24. LO.5, 6 The profit and loss statement of Strategy, Inc., an S corporation, shows net
profits of $101,000 (book income). The corporation has three equal shareholders. From
supplemental data, you obtain the following information about some items that are
included in the $101,000.

Selling expenses (19,200)
Municipal bond interest income 2,000
Dividends received on Boeing stock 8,000
§ 1231 gain 6,000
Depreciation recapture inocme 13,000
Passive income 3,000
Short-term capital loss (9,000)
Salary paid to owners (each) (11,000)
Cost of goods sold (81,000)

a. Determine the nonseparately computed income or loss.

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a24. LO.5, 6 The profit and loss statement of Strategy, Inc., an S corporation, shows net
profits of $101,000 (book income). The corporation has three equal shareholders. From
supplemental data,...

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