Colbert operates a catering service on the accrual method. In November of year one, Colbert...
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Accounting
Colbert operates a catering service on the accrual method. In November of year one, Colbert received a payment of $9,000 for 18 months of catering services to be rendered from December 1 of year one through May 31 of year three. When must Colbert recognized this income for tax purposes - (answer: $____ in year 1, $_,___ in year 2, and $____ in year 3)
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