In October of the current year, Jasmine received a $15,520 payment from a client for...
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Accounting
In October of the current year, Jasmine received a $15,520 payment from a client for 32 months of rent. The rental period begins on September 1 of this year. This amounts to $485 per month. Jasmine is a calendar-year taxpayer.
What amount of the $15,520 payment, if any, must Jasmine recognize this year if she uses the accrual method of accounting?
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