Exercise 4-22 (Algorithmic) (LO. 2) Bigham Corporation, an accrual basis calendar year taxpayer, sells its services under 12-month and 24-month contracts. The corporation provides services to each customer every month. On July 1, 2019, Bigham sold the following customer contracts: Length of contract 12 months Total Proceeds $40,000 $80,000 24 months Determine the income to be recognized in taxable income in 2019 and 2020. Length of Contract 2019 Income 2020 Income 12 months $ $ $ 24 months