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Nont's Piano Lessons Inc. is a calendar-year taxpayer using the accrual method of accounting. On October 1, 2020, the corporation received $1,200 for a one-year
Nont's Piano Lessons Inc. is a calendar-year taxpayer using the accrual method of accounting. On October 1, 2020, the corporation received $1,200 for a one-year contract beginning on that date to provide 24 piano lessons. The company provided 6 lessons this year under the contract. How much income should the corporation recognize for next year (2021) if the remaining lessons are provided? (please explain answer)
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