Problem 6-38 (LO. 2) Duck, an accrual basis corporation, sponsored a rock concert on December 29, 2020. Gross receipts were $300,000. The following expenses were incurred and paid as indicated: Expense Payment Date Rental of coliseum $25,000 December 21, 2020 Cost of goods sold: Food 30,000 December 30, 2020 Souvenirs 60,000 December 30, 2020 Performers 100,000 January 5, 2021 Cleaning the coliseum $10,000 February 1, 2021 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, 2021. a. Calculate Duck's net income from the concert for tax purposes for 2020. If an amount is zero, enter "0". Gross receipts Less: Coliseum rental Food Souvenirs Performers Cleaning costs Total expenses Net income for 2020 b. What is the true cost to Duck if it had to defer the $100,000 deduction for the performers until 2021? Assume a 5% discount rate and a 21% marginal tax rate in 2020 and 2021. The present value factor for a single sum at 5% for one year is 0.9524. If required, round your answers to the nearest dollar. The present value of the 2021 tax savings is $ and the cost of the deferral to Duck is $