Basil Company, a cash-basis taxpayer, had the following activity during Year 1:Sales in Year 2, uncollected$ 40,000Sales in Year 2, collected1,000,000Total sales in Year 21,040,000Collections on Year 1 bad debt50,000What is the correct amount of income to be reported for Year 2?
RECOMMENDED!!Basil Company, a cash-basis taxpayer
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