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Taffy Products uses the accrual method and reports on a calendar year. On July 1st of this year Taffy paid $48,000 for warehouse rent and
Taffy Products uses the accrual method and reports on a calendar year. On July 1st
of this year Taffy paid $48,000 for warehouse rent and $18,000 for insurance on the contents of their
warehouse. The rent and insurance covers the next 12 months. What amount, if any, can Taffy
deduct for rent and insurance this year?
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