Geraldine is an accrual basis taxpayer who has the following transactions during the current calendar tax year:

Accrued business income (except rent)…………………………………….  $220,000

Accrued business expenses (except rent) ………………………………….  170,000

 Rental income on a building lease for the next

6 months, received on December 1………………………………………….     21,000

 Prepaid rent expense for 6 months, paid on

December 1………………………………………………………………….                   12,000

 Calculate Geraldine’s net income from her business for the current year. 

 Income: 

 Other than rental……………………………….                             $ ________________

Rental…………………………………………..                                     $ ________________

 Expenses:

Other than rental………………………………..                              $ ________________

Rental…………………………………………...                                     $ ________________

Net income……………………………………...                                  $ ________________