On December 1, year 1, Peak Advertising (a calendar-year, accrual-basis taxpayer) receives a $24,000 retainer fee for

Question:

On December 1, year 1, Peak Advertising (a calendar-year, accrual-basis taxpayer)

receives a $24,000 retainer fee for a two-year contract.

a. How much income should Peak report in year 1 for tax and financial accounting?

b. How much income should Peak report in year 2 for tax and financial accounting?

c. How much income should Peak report in year 3 for tax and financial accounting?

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