In 2023, Chaya Corporation, an accrual basis, calendar year taxpayer, provided services to clients and earned $58,500. The clients signed notes receivable to Chaya that have a fair market value of $49, 725 at year-end. In addition, Chaya sold a 36-month service contract on April 1, 2023, and received payment in full of $28, 080. Do not round any division. If required, round your final answer to the nearest dollar. How much gross income does Chaya report from these transactions in 2023? 1. From the services to clients: Sfill in the blank 1 2. From the service contract: S

In 2023, Chaya Corporation, an accrual basis, calendar year taxpayer, provided services to clients and earned $58,500. The clients signed notes receivable to Chaya that have a fair market value of $49, 725 at year-end. In addition, Chaya sold a 36-month service contract on April 1, 2023, and received payment in full of $28, 080. Do not round any division. If required, round your final answer to the nearest dollar. How much gross income does Chaya report from these transactions in 2023? 1. From the services to clients: Sfill in the blank 1 2. From the service contract: S

SWFT Individual Income Taxes

43rd Edition

ISBN:9780357391365

Author:YOUNG

Publisher:YOUNG

Chapter18: Accounting Periods And Methods

Section: Chapter Questions

Problem 30CE

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