Duck, an accrual basis corporation, sponsored a rock concert on December 29, 2018. 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 d id not per form the cleanup until January 8-10, 2019.
Calculate Duck's net income from the concert for tax purposes for 2018.

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Payment Date Expense Rental of coliseum Cost of goods sold: December 21, 2018 $ 25,000 December 30, 2018 December 30, 2018 January 5, 2019 February 1, 2019 Food Souvenirs 30,000 100,000 10,000 Performers Cleaning of coliseum