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great feedback for correct work QUESTION 16 The Red & Blue Gym, Inc., uses the accrual method of accounting. The corporation sells memberships that entitle

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QUESTION 16 The Red & Blue Gym, Inc., uses the accrual method of accounting. The corporation sells memberships that entitle the member to use the facilities at any time. On July 1st, 2021, the company sold a two-year (24 month) membership for $960. The company should report as gross income for tax from the contract: $960 in 2021. O $240 in 2021, $480 in 2022, and $240 in 2023. $240 in 2021, $720 in 2022, and $0 in 2023. O $0 in 2021, $480 in 2022, and $480 in 2023

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