Birch corp., a calendar-year corporation, was formed three years ago by its sole shareholder, james, who has operated it as an s corporation since its inception. last year, james made a direct loan to birch corp. in the amount of $6,600. birch corp. has paid the interest on the loan but has not yet paid any principal. (assume the loan qualifies as debt for tax purposes.) for the year, birch experienced a $34,700 business loss. what amount of the loss clears the tax-basis limitation, and what is james’s basis in his birch corp. stock and birch corp. debt in each of the following alternative scenarios? (leave no answer blank. enter zero if applicable.) b. at the beginning of the year, james's basis in his birch corp. stock was $10,300 and his basis in his birch corp. debt was $6,600.

Exercise 15-7 crawford corporation incurred the following transactions. 1. purchased raw materials on account $53,000. 2. raw materials of $45,200 were requisitioned to the factory. an analysis of the materials requisition slips indicated that $9,400 was classified as indirect materials. 3. factory labor costs incurred were $65,400, of which $50,200 pertained to factory wages payable and $15,200 pertained to employer payroll taxes payable. 4. time tickets indicated that $55,000 was direct labor and $10,400 was indirect labor. 5. manufacturing overhead costs incurred on account were $81,700. 6. depreciation on the company’s office building was $8,100. 7. manufacturing overhead was applied at the rate of 160% of direct labor cost. 8. goods costing $89,400 were completed and transferred to finished goods. 9. finished goods costing $76,000 to manufacture were sold on account for $105,100. journalize the transactions. (credit account titles are automatically indented when amount is entered. do not indent manually.) no. account titles and explanation debit credit (1) (2) (3) (4) (5) (6) (7) (8) (9) (to record the sale) (to record the cost of the sale) click if you would like to show work for this question: open show work