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Nikki works for the Shine Company, a retailer of upscale jewelry. How much taxable income...

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Accounting

Nikki works for the Shine Company, a retailer of upscale jewelry. How much taxable income does Nikki recognize under the following scenarios? a. Nikki buys a diamond ring from Shine Company for $16,900(normal sales price, $21,220; Shine Company's gross profit percentage is 40 percent). b. Nikki receives a 26 percent discount on jewelry restoration services offered by Shine Company. This year, Nikki had Shine Company repair a set of antique earrings (normal repair cost $925; discounted price $684.50).

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