On January 1, 2021, Devin sold his interest in XYZ LP. At the time of sale in 2021, Devin had $10,000 in suspended passive activity losses from XYZ LP (due to the fact that XYZ LP had additional passive losses in 2020 that Devin was unable to deduct). In 2021, Devin had salary income of $50,000 and portfolio income of $4,000. ABC LP did not generate a gain or loss in 2020. What amount of passive activity losses can Devin deduct in 2021

The manda panda company uses the allowance method to account for bad debts. at the beginning of 2018, the allowance account had a credit balance of $92,400. credit sales for 2018 totaled $3,190,000 and the year-end accounts receivable balance was $507,500. during this year, $88,500 in receivables were determined to be uncollectible. manda panda anticipates that 3% of all credit sales will ultimately become uncollectible. the fiscal year ends on december 31. required: 1. does this situation describe a loss contingency? 2. what is the bad debt expense that manda panda should report in its 2018 income statement? 3. prepare the appropriate journal entry to record the contingency. 4. complete the table below to calculate the net realizable value manda panda should report in its 2018 balance sheet?