Accounts receivable $134,000
Accounts payable $79,000
Federal income taxes payable $230,000
Notes payable $540,000
Interest payable $38,000
In addition, in 2009 Norton collected $490,000 on maintenance contracts entered into that year and reported $210,000 of that amount on its 2009 audited financial statements (with the balance to be reported in 2010 and 2011). In 2008, Norton collected $111,000 on maintenance contracts and reported $23,000 on its 2008 financial statement and $42,000 on its 2009 financial statement with the balance to be reported on its 2010 financial statement.
a. Identify which Revenue Procedure/regulations/etc. apply to Norton and prepare Norton's Form(s) 3115 to accomplish:
• a change from the cash to the accrual method
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