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Problem 1: In January, 2020, Marty's Fine Pens sells a limited edition fountain pen for $125,000. The cost of the pen is $63,000. There is a down payment of 40 percent in 2020, followed by 3 annual payments of 20 percent in the years 2021, 2022, and 2023. Indicate the amount of the reserve that can be deducted, and the net business income, for each of the years 2020 through 2023.Show your answers and work as follows:
Final Answer:
2020 reserve = $ net business income = $2021 reserve = $ net business income = $2022 reserve = $ net business income = $2023 reserve = $ net business income = $
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