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How much income should peck report in year

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Question - On December 1, year 1, Peck Advertising (a calendar-year, accrual-basis taxpayer) receives a $24,000 retainer fee for a two-year service contract.

a. How much income should Peck report in year 1 for tax and financial accounting?

b. How much income should Peck report in year 2 for tax and financial accounting?

c. How much income should Peck report in year 3 for tax and financial accounting?

Reference no: EM132008555

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