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Need help with answer Balance SheetBeginningEndingCash$10,000 $282,000Accounts Receivable100,000Reserve for Uncollectible Accounts(10,000Prepaid Maintenance Contract2,000Total Current Assets$10,000 $374,000Fixed Assets - Net300,000290,000Total Assets$310,000 $664,000Bonus Pavable$$20,000Advance Rents5,000Total Current Liabilities$$25,000Mortgage

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image text in transcribed Balance SheetBeginningEndingCash$10,000 $282,000Accounts Receivable100,000Reserve for Uncollectible Accounts(10,000Prepaid Maintenance Contract2,000Total Current Assets$10,000 $374,000Fixed Assets - Net300,000290,000Total Assets$310,000 $664,000Bonus Pavable$$20,000Advance Rents5,000Total Current Liabilities$$25,000Mortgage Payable300,000300,000Total Liabilities$300,000 $325,000Equity10,000339,000Total Liabilities and Equity$310,000 $664,000Cash FlowNet Income$329,000Depreciation10,000Subtotal$339,000Change in Working Capital:Accounts Receivable - Net(90,000Prepaid Maintenance Contract(2,000)Bonus Payable20,000Advance Rents5,000Cash From Operations$ 272,000Cash - Beginning10,000Cash - Ending$ 282,000Notes:The $20,000 bonus accrued at the end of the year was paid May 10, 2019The total maintenance contract was $4,000 and covers the period July 1, 2017through June 30, 2019Property taxes were paid during 2018The reserve for uncollectible accounts represents management's estimate ofthe amount that will not be collected; no amounts have been written off.Advance Rents represents January 2019 rent paid by tenantsin December 2018.What is taxable income for 2018?

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