QUESTION 12 Tumer Live Streaming Video Service Company, an accrual basis taxpayer, allows its customers to pay by the year in advance (5600 per year) or two years in advance (5960). In September 2020, the company collected the following amounts applicable to future services: October 2020-September 2022 services (200 two-year contracts) October 2020-September 2021 services (200 one-year contracts) $192,000 120.000 Total $312.000 As a result of this Tumer should report as gross income for 2021, the year following receipt: a $54.000 b. $78,000 c. $258,000 d. $312.000 e. None of the above QUESTION 11 Vince purchased a U.S. Series EE savings bond for $744. The bond has a maturity value in 10 years of $1,000 and yields 3% interest. This is the first Series EE bond that Vince has ever owned. a. Vince can defer the interest income until the bond matures in 10 years. Ob. Vince must report $25.60[($1,000 $744)/10) interest income each year he owns the bond. O c. The interest on the bonds is exempt from Federal income tax. O d. Vince can report all of the $256 as a capital gain in the year it matures. O e. None of the above