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2. Basil Company, a cash-basis taxpayer, had the following activity during Year 2: Sales in Year 2, uncollected Sales in Year 2, collected Total

2. Basil Company, a cash-basis taxpayer, had the following activity during Year 2: Sales in Year 2, uncollected Sales in Year 2, collected Total sales in Year 2 $ 40,000 1,000,000 1,040,000 Collections on Year 1 bad debt 50,000 What is the correct amount of income to be reported for Year 2?

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