Duck, an accrual basis corporation, sponsored a rock concert on December 29, 2014. Gross receipts were $300,000. The following expenses were incurred and paid as indicated:

Because the coliseum was not scheduled to be used again until January 15, the company with which Duck had contracted did not perform the cleanup until January 8€“10, 2015.
Calculate Duck€™s net income from the concert for tax purposes for 2014.

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Expense Rental of coliseum Cost of goods sold: Payment Date December 21, 2014 $25,000 Food Souvenirs 30,000 60,000 100,000 10,000 December 30, 2014 December 30, 2014 January 5, 2015 February 1, 2015 Performers Cleaning of coliseum