Norah's Music Lessons Inc. is a calendar-year taxpayer using the accrual method of accounting. On October 1 of this year, the corporation received $1,200 for a one-year contract beginning on that date to provide 10 lessons. The company provided 6 lessons this year under the contract. How much should the corporation include in income this year with respect to this contract?
A. $1,200
B. $480
C. $720
D. $360
Answer: C
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