Problem 5-11 (LO. 2) Duck, an accrual basis corporation, sponsored a rock concert on December 29, 2019. Gross receipts were $300,000. The following expenses were incurred and paid as indicated: Payment Date Expense Rental of coliseum Cost of goods sold: $25,000 December 21, 2019 Food Souvenirs 30,000 60,000 100,000 $10,000 December 30, 2019 December 30, 2019 January 5, 2020 February 1, 2020 Performers Cleaning the coliseum Because the coliseum was not scheduled to be used again until January 15, the company with which Duck had contracted did not perform the cleanup until January 8-10, 2020. Calculate Duck's net income from the concert for tax purposes for 2019. If an amount is zero, enter "O". Gross receipts Less: Coliseum rental $ Food Souvenirs Performers Accounting numeric field Cleaning costs Total expenses Net income for 2019