Assume that in the situation above, Fran's Florist has average annual gross receipts of $4 million and
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Question:
Assume that in the situation above, Fran's Florist has average annual gross receipts of $4 million and uses the cash method instead of the accrual method. How much interest should the corporation deduct for its payments to Judy on its tax return for the year ending June 30?
a)$ 0 b) $3,000 c) $2,500 d) $5,500
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