Nicholas is a resident individual who carries on a retail business. As at 30 June of the current tax year he had invoiced $200,000 in relation to sales. Of this amount, $25,000 was still outstanding by trade creditors. Nicholas also received a dividend of $1 200 where the company declared the dividend on 25 June of the current year and it was credited to his bank account on 5 July of the following tax year. What amount will Nicholas include in his assessable income for the current tax year ended 30 June (ignore imputation credits)?

Select one:

1. $201 200.

2. $200 000.

3. Nil

4.$175 000.

5.$176 200.