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In 2021, Chaya Corporation, an accrual basis, calendar year taxpayer, provided services to clients and earned $46,500. The clients signed notes receivable to Chaya
In 2021, Chaya Corporation, an accrual basis, calendar year taxpayer, provided services to clients and earned $46,500. The clients signed notes receivable to Chaya that have a fair market value of $39,525 at year-end. In addition, Chaya sold a 36-month service contract on April 1, 2021, and received payment in full of $22,320. Do not round any division. If required, round your final answer to the nearest dollar. How much gross income does Chaya report from these transactions in 20217 1. From services to clients: 2. From service contract:
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Fundamental Accounting Principles
Authors: Larson Kermit, Tilly Jensen
Volume I, 14th Canadian Edition
71051503, 978-1259066511, 1259066517, 978-0071051507
