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How much gross income does chaya report

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point 1: In 2019, Chaya Corporation, an accrual basis, calendar year taxpayer, provided services to clients and earned $66,500. The clients signed notes receivable to Chaya that have a fair market value of $56,525 at year-end. In addition, Chaya sold a 36-month service contract on April 1, 2019, and received payment in full of $31,920.

Question 1: How much gross income does Chaya report from these transactions in 2019? Do not round any division. If required, round your final answer to the nearest dollar.

Reference no: EM132476825

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