11. LO.2 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 $ 25,000 December 21, 2020 Rental of coliseum Cost of goods sold: Food Souvenirs Performers Cleaning of coliseum 30,000 60,000 100,000 10,000 December 30, 2020 December 30, 2020 January 5, 2021 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 810, 2021. Calculate Duck's net income from the concert for tax purposes for 2020