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Phil is a calendar year taxpayer and a lender. He also runs a dry-cleaning business. Customers have the option to pay $1,000 per year for
Phil is a calendar year taxpayer and a lender. He also runs a dry-cleaning business. Customers have the option to pay $1,000 per year for unlimited dry-cleaning. In January 2023, a customer pays him $3,000 for unlimited dry cleaning in 2023, 2024 and 2025. In December 2023, a borrower pays him $6,000 interest (monthly interest is $1,000) for November 2023 interest, December 2023 interest, January 2024 interest, February 2024 interest, March 2024 interest, and April 2024 interest. In January 2024
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Financial Accounting Information for Decisions
Authors: John J. Wild
8th edition
125953300X, 978-1259533006
