Bigham Corporation, an accrual basis calendar year taxpayer, sells its services under 12- and 24-month contracts. The corporation provides services to each customer every month. On July 1, 2020, Bigham sold the following customer contracts: Length of contract Total Proceeds 12 months $29,200 24 months $58,400 Determine the income to be recognized in taxable income in 2020 and 2021. Length of Contract 2020 Income 2021 Income 12 months 14,600 $ 14,600 24 months 14,600 $ 10,950 X