Office Palace, Inc. leased an all-in-one printer to a new customer, Ashley, on December 27, 2018. The printer was to rent for $600 per month for a period of 36 months beginning January 1, 2019. Ashley was required to pay the first and last month’s rent at the time the lease was signed. Ashley was also required to pay a $1,500 damage deposit. How much income must Office Palace recognize in 2018?

Answer rating: 100% (QA)

1200 in 2018 if Office Palace is an accrual basis taxpayer Unearned incom... View the full answer