Question: Required information Problem 5-48 (LO 5-1) (Algo) Skip to question [The following information applies to the questions displayed below.] Clyde is a cash-method taxpayer who

Required information Problem 5-48 (LO 5-1) (Algo) Skip to question [The following information applies to the questions displayed below.] Clyde is a cash-method taxpayer who reports on a calendar-year basis. This year Paylate Corporation has decided to pay Clyde a year-end bonus of $1,700. Determine the amount Clyde should include in his gross income this year under the following circumstances. Note: Leave no answer blank. Enter zero if applicable. Problem 5-48 Part b (Algo) b. Paylate Corporation mistakenly wrote the check for $240. Clyde received the remaining $1,460 after year-end

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