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On December 1, year 1, Peak Advertising (a calendar-year, accrual-basis taxpayer) received a $24,000 retainer fee for a two-year service contract. 1. How much income

On December 1, year 1, Peak Advertising (a calendar-year, accrual-basis taxpayer) received a $24,000 retainer fee for a two-year service contract. 1. How much income should Peak report in year 1 for tax and financial accounting? 2. How much income should Peak report in year 2 for tax and financial accounting? 3. How much income should Peak report in year 3 for tax and financial accounting?

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