On September 30 20×1, XXX Company rented to a tenant a small office space in its Dilapitated Visions Complex. The…

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On September 30 20×1, XXX Company rented to a tenant a small office space in its Dilapitated Visions Complex. The tenant is not obligated to continue the lease beyond Summer 20×2, but pays $25,000 cash upfront towards the $1,000 monthly rent (25 months’ rent received in advance). This is not a capital lease. Excluding income taxes and the income effects of this rental, XXX Company has (GAAP and Tax) income of $111,111 in 20×1, $222,222 in 20×2, and $333,333 in 20×3. The IRS requires rent to be included in taxable income in the year received The income tax rate is a flat 10% for all relevant years. At January 1, 20×1, the balance sheet showed Common Stock of $444,444, Retained Earnings of $555,555, and zero Accumulated OCI. The only change to Common Stock during these three years was an issuance of $88,888 of stock at par value in 20×2.

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