Royce Rentals, Inc., an accrual-basis taxpayer, reported rent
receivable of $25,000 and $35,000 in its 2012 and 2011 balance
sheets, respectively. During 2012, Royce received $50,000 in
rent payments and $5,000 in nonrefundable rent deposits. In
Royce’s 2012 corporate income tax return, what amount should
Royce include as rent revenue?