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WFO Corporation has gross receipts according to the following schedule: ...

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Accounting

WFO Corporation has gross receipts according to the following schedule:

Year 1 $ 26.00 million
Year 2 $ 25.00 million
Year 3 $ 22.00 million
Year 4 $ 23.50 million
Year 5 $ 35.00 million
Year 6 $ 29.00 million

If WFO began business as a cash-method corporation in Year 1, in which year would it have first been required to use the accrual method?

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