Duck, an accrual basis corporation, sponsored a rock concert on December 29, 2017. Gross receipts were $300,000. The following expenses were incurred and paid as indicated: 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 8-10, 2018. a. Calculate Duck's net income from the concert for tax purposes for 2017. b. Using the present value table in Appendix G, what is the true cost to Duck if it has to defer the $100,000 deduction for the performers until 2018? Assume a 5% discount rate and a 25% marginal rate in 2017 and 2018