Question
32. A lessor receives its January 2020 rent on December 31, 2019. The lessor reports on the accrual basis. When should he or she recognize
32. A lessor receives its January 2020 rent on December 31, 2019. The lessor reports on the accrual basis. When should he or she recognize this as taxable income?
A. In 2019.
B. In 2020.
C. The lessor can make an election to recognize the income in either year.
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Advanced Accounting
Authors: Paul M. Fischer, William J. Tayler, Rita H. Cheng
11th edition
538480289, 978-0538480284
