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WFO Corporation has gross receipts according to the following schedule: Year 1 $2.70 million Year...

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Accounting

WFO Corporation has gross receipts according to the following schedule:

Year 1 $2.70 million

Year 2 $5.70 million

Year 3$6.70 million

Year 4$5.20 million

Year 5$5.70 million

Year 6$7.70 million

If WFO began business as a cash-method corporation in Year 1, in which year would it have first been required to use the accrual method?

Year 5.

Year 3.

Year 6.

None of the choices are correct.

Year 4.

Thanks.

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