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2) Parkin Corporation created Sunlight Corporation with a transfer of $800 cash. During Sunlight Corp.'s first year of operations, it generated a net loss of $150 and

paid no dividends. During Sunlight Corp.'s second year of operations, it generated net income of $350 and paid dividends of $80

a) Pass Journal Entries in the Book of Parkin Corporation for two years using Equity Method.

b) Prepare 'Investment in Sunlight Corporation Account' for two years and show the balance of each year in the Book of Parent Company using Equity Method.


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YOU MUST COMPLETE THIS ENTIRE CASE (ALL PARTS) AND CASE #2 (BOTH PARTS) IN ORDER TO RECEIVE CREDIT FOR THIS COURSE. NO POINTS WILL BE AWARDED FOR A LATE SUBMISION. REQUIRED TO SUBMIT (18 points): Schedule A Form 8863 (both pages) • Form 8995 Schedule 3 • Form 1040 (both pages) • Note: Forms are provided in the Blackboard folder where you found these instructions. If draft/final form 8995 is not available for 2023, you MUST use the 2022 form, no other year.


2) Parkin Corporation created Sunlight Corporation with a transfer of $800 cash. During Sunlight Corp.'s first year of operations, it generated a net loss of $150 and paid no dividends. During Sunlight Corp.'s second year of operations, it generated net income of $350 and paid dividends of $80 a) Pass Journal Entries in the Book of Parkin Corporation for two years using Equity Method. b) Prepare 'Investment in Sunlight Corporation Account' for two years and show the balance of each year in the Book of Parent Company using Equity Method.


Instructions: • Prepare the 2022 Individual Income Tax Return, including all schedules and additional forms, if any, using the IRS fillable forms listed below or manually written on the tax forms/schedules. Ignore the directions to use tax software noted in the file. However, students may use tax software if one is available. • Scan your completed tax return as a PDF file OR print it as a PDF if using tax software. No other file format is permitted. • Submit the tax return file here by clicking the submit button. You can upload individual forms or a zip file with all the tax forms and schedules. I do not accept tax returns via email. • You have unlimited submissions. However, only the last submission will be graded unless the student notifies me which upload to graded by the due date.


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