Problem 5-11 (LO. 2) Duck, an accrual basis corporation, sponsored a rock concert on December 29, 2018. Gross receipts were $300,000. The following expenses were incurred and paid as indicated: Payment Date December 21, 2018 $25,000 Expense Rental of coliseum Cost of goods sold: Food Souvenirs 30,000 December 30, 2018 Performers Cleaning the coliseum 60,000 100,000 $10,000 December 30, 2018 January 5, 2019 February 1, 2019 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, 2019. Calculate Duck's net income from the concert for tax purposes for 2018. if an amount is zero, enter "0". Gross receipts Less: Coliseum rental Food Souvenirs Performers Cleaning costs Total expenses Net income for 2018