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KLP a calendar year corporation sponsored a contest for its customers with a grand prize of $100,000 cash. Contestants could enter the contest from June 1 through November 30 KLP selected

KLP, a calendar year corporation, sponsored a contest for its customers with a grand prize of $100,000 cash. Contestants could enter the contest from June 1 through November 30. KLP selected the winner and announced her name on December 20.

However, it didn’t present a $100,000 check to the winner until January 13. In which year can KLP deduct the $100,000 payment assuming:

a. KLP uses the cash method of accounting?

Apr 01 2020 View more View Less

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