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April 23, 2014

Homework Help: Account Tax

Posted by Jane on Monday, April 20, 2009 at 1:25pm.

Frankland Company is an accrual method company, On December 30, 2003, it received a prepayment of $36,000 from a tenant, who is leasing a warehouse from Frankland. The payment represents the rental for the period January 2004 through December 2006. How much inocme does Frankland report in its 2004 tax return from this payment?

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