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What amount of the payments should geraldo have reported

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Problem 1: Geraldo rented an office building to Brian for $3,000 per month. On 12/29/18, Geraldoreceived a deposit of $4,000 in addition to the first and last months' rent. Brian commencedoccupancy of the building on 1/02/19. On 7/15/19, Brian closed his business and filed forbankruptcy. Geraldo collected rent for February, March, and April on the first day of eachmonth. He received the May rent on 5/10/19, but collected no payments thereafter. Geraldowithheld $800 from Brian's deposit because of damage to the property and $1,500 for unpaidrent. He refunded the balance of the deposit to Brian. What amount of the above paymentsshould Geraldo have reported as gross rental income in 2018 and 2019?

Reference no: EM132781032

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