LO.2 Duck, an accrual basis corporation, sponsored a rock concert on December 29, 2014, Gross receipts were $300,000. The Following expenses were incurred and paid as indicated: Expense Rental of coliseum Cost of goods sold: Food Souvenirs Performers Cleaning of coliseum Payment Date $ 25,000 30,000 60,000 100,000 10,000 December 21, 2014 December 30, 2014 December 30, 2014 January 5, 2015 February 1, 2015 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, 2015. Calculate Duck's net income from the concert for tax purposes for 2014