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Duck, an accrual basis corporation, sponsored a rock concert on December 29,2024. Gross receipts were...

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Accounting

Duck, an accrual basis corporation, sponsored a rock concert on December 29,2024. Gross receipts were $300,000. The following expenses were incurred and paid as indicated:
ExpensePayment DateRental of coliseum$25,000December 21,2024Cost of goods sold:Food30,000December 30,2024Souvenirs60,000December 30,2024Performers100,000January 5,2025Cleaning the coliseum10,000February 1,2025
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 810,2025.
a.Calculate Duck's net income from the concert for tax purposes for 2024.

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