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Determine the income to be recognized in taxable income

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Question - Bigham Corporation, an accrual basis calendar year taxpayer, sells its services under 12-month and 24-month contracts. The corporation provides services to each customer every month. On July 1, 2019, Bigham sold the following customer contracts:

Length of Contract

Total Proceeds

12 months

$14,000

24 months

$24,000

Required - Determine the income to be recognized in taxable income in 2019 and 2020.

Reference no: EM132631609

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