Business, 01.03.2021 21:30 23rwilliamson

Duck, an accrual basis corporation, sponsored a rock concert on December 29, 2020. Gross receipts were $300,000. The following expenses were incurred and paid as indicated: Expense Payment Date Rental of coliseum $25,000 December 21, 2020 Cost of goods sold: Food 30,000 December 30, 2020 Souvenirs 60,000 December 30, 2020 Performers 100,000 January 5, 2021 Cleaning the coliseum $10,000 February 1, 2021. Because the coliseum was not scheduled to be used again until January 15, the company with which Duck had contracted did not perform the cleanup until January 8–10, 2020. Required:
Calculate Duck's net income from the concert for tax purposes for 2020.

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Duck, an accrual basis corporation, sponsored a rock concert on December 29, 2020. Gross receipts we...

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