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In January, 2020, Y Jewelry sold an elusive necklace for $600,000. The necklace originally cost...

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Accounting

In January, 2020, Y Jewelry sold an elusive necklace for $600,000. The necklace originally cost $300,000. There is a down payment of 40 percent in 2020, followed by 3 annual payments of 20 percent in the years 2021, 2022, and 2023.

How much Income should the Y record as Net Business Income and how much can they defer as reserves over the future taxation year.

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