Abigail , who is single, reported taxable income of $315,000 for 2018. She incurred
positive AMT adjustments of $30,000 and tax preference items of $50,000. Abigail
itemizes deductions.
a. Compute Abigail's AMTI.
b. Assume the same facts as in part a. Compute Abigail's tentative minimum tax (TMT).
HTML Editor
BIA-A- IES 3
iii
ITT: 12pt
Paragraph

Shawshank real estate agency. oct. 1 pete shawshank begins business as a real estate agent with a cash investment of $25,000 in exchange for common stock. 2 hires an administrative assistant. 3 purchases office furniture for $2,900, by paying $700 cash with the balance on account. 6 sells a house and lot for n. kidman, earning a fee of $3,600, with $600 collected in cash and the balance billed to n. kidman. 27 pays $900 on the balance related to the transaction of october 3. 30 pays the administrative assistant $2,300 in salary for october. 31 collects $1,200 of the balance owed by n. kidman. instructions: (a) journalize the transactions. (you may omit explanations.) (b) what balance would shawshank real estate agency report for accounts payable in its october 31 financial statements? in which category of which financial statements would it be found? (c) what balance would shawshank real estate agency report for accounts receivable in its october 31 financial statements? in which category of which financial statements would it be found?