Exercise 10-3 (part level submission) on june 1, pharoah company ltd. borrows $60,000 from acme bank on a 6-month, $60,000, 6% note. the note matures on december 1. (a) prepare the entry on june 1. (credit account titles are automatically indented when amount is entered. do not indent manually.) date account titles and explanation debit credit june 1 enter an account title for the entry on june 1 enter a debit amount enter a credit amount enter an account title for the entry on june 1 enter a debit amount enter a credit amount

Jacob is a member of wcc (an llc taxed as a partnership). jacob was allocated $155,000 of business income from wcc for the year. jacob’s marginal income tax rate is 37 percent. the business allocation is subject to 2.9 percent of self-employment tax and 0.9 percent additional medicare tax. (round your intermediate calculations to the nearest whole dollar a) what is the amount of tax jacob will owe on the income allocation if the income is not qualified business income? b) what is the amount of tax jacob will owe on the income allocation if the income is qualified business income (qbi) and jacob qualifies for the full qbi duduction?