1. Hubbard Street Dance Company sells subscriptions for its monthly dance performances. The company received annual subscription payments on November 15, 2019 for performances that will take place during 2020 in the amount of $120,000. The subscription payments will be earned equally throughout each month. a. Prepare the journal entry for the receipt of annual subscription payments on November 15, 2019. b. Prepare the required adjusting entry for the subscription payments on January 31, 2020.

Jacob is a member of wcc (an llc taxed as a partnership). jacob was allocated $155,000 of business income from wcc for the year. jacob’s marginal income tax rate is 37 percent. the business allocation is subject to 2.9 percent of self-employment tax and 0.9 percent additional medicare tax. (round your intermediate calculations to the nearest whole dollar a) what is the amount of tax jacob will owe on the income allocation if the income is not qualified business income? b) what is the amount of tax jacob will owe on the income allocation if the income is qualified business income (qbi) and jacob qualifies for the full qbi duduction?