Bigham Corporation, an accrual basis calendar year taxpayer, sells its services under 12- and 24-month contracts. The corporation provides services to each customer every month. On July 1, 2023, Bigham sold the following customer contracts: Length of contract Total Proceeds 12 months $30, 400 24 months $60,800 Determine the income to be recognized in taxable income in 2023 and 2024. Length of Contract 2023 Income 2024 Income 12 months Sfill in the blank 1 Sfill in the blank 2 24 months Sfill in the blank 3 Sfill in the blank 4

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Fringe Benefit Tax

Fringe benefits are in addition to the compensation that companies give to their employees. It is an additional benefit above the stated salary. It helps to keep the employees of the firm motivated as sometimes the only salary is not enough to retain the quality employees of the firm. There are different types of fringe benefits. Fringe benefits are given in both private as well as public enterprises.