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Realty corporation an accrual-basis calendar-year

Realty Corporation, an accrual-basis, calendar-year corporation, agrees to rent office space to Tenant Company for $3,000 per month beginning on January 1, year 2. On December 15, year 1, Tenant gives Realty Corporation a $3,000 deposit in addition to rent for the months of January and February. In year 2, Tenant pays rent for the months of March and April, and on May 15 Tenant closes its business. Realty withholds $1,500 from the deposit for unpaid rent and $1,000 for damages. Realty Corporation refunds the balance of the deposit to Tenant on May 20, year 2.

a. How much income should Realty Corporation report in year 1 from the above transactions for tax and financial accounting?

b. How much income should Realty Corporation report in year 2?

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Solution Preview :

Prepared by a verified Expert

Macroeconomics: Realty corporation an accrual-basis calendar-year

Reference No:- TGS0653297

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Solution Preview :

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Macroeconomics: Realty corporation an accrual-basis calendar-year

Reference No:- TGS0653297

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