Manny, a calendar-year taxpayer, uses the cash method of accounting for his sole proprietorship. In late December he performed $37,000 of legal services for a client. Manny typically requires his clients to pay his bills immediately upon receipt. Assume Manny's marginal tax rate is 40 percent this year and next year, and that he can earn an after-tax rate of return of 11 percent on his investments a. What is the after-tax income if Manny sends his client the bill in December? er-tax income bill in January? Use Exhibit 3.1. (Round your answer to the nearest whole b. What is the after-tax income if Manny sends his client the dollar amount.) c. Based on requirement a and b, should Manny send his client the bill in December or January? December O January