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EFG, an accrual basis calendar year corporation, reported $500,000 net income before tax on its financial statements prepared in accordance with GAAP. EFGs records reveal

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EFG, an accrual basis calendar year corporation, reported $500,000 net income before tax on its financial statements prepared in accordance with GAAP. EFGs records reveal the following information.
EFG paid a $17,500 fine to the state of Delaware for a violation of state pollution control laws.
2. EFG received a $165,000 advanced payment for 10,000 units of inventory on October 20. EFG reported the payment as revenue the following February when the units were shipped
04 (4 marks ERG, crema corporation reported 5500,000 or income before con i finalmente prepared in accordance with ARO 1. Eropada 11.00 finto the state of Delawie for violation of state pollution controls 2. EFG 5165.000 danced payment for 10,000 afinventory on October 20. O reported the payment as the winter Computer's taxable income

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