Although Hank is retired, he is an excellent handyman and often works part time on small projects for neighbors and friends. Last week his neighbor, Mike, offered to pay Hank $$1,250$ for minor repairs to his house. Hank completed the repairs in December of this year. Hank uses the cash method of accounting and is a calendar$-$year taxpayer. Compute Hank's gross income for this year from each of the following alternative transactions:

Required:

Mike paid Hank $$450$ in cash in December of this year and promised to pay the remaining $$800$ with interest in three months.

Mike gave Hank tickets in December to the big game in January. The tickets have a face value of $$50,$ but Hank could sell them for $$1,150.$ Hank went to the game with his son.

Mike bought Hank a new set of snow tires. The tires typically sell for $$1,250,$ but Mike bought them on sale for $$1,125.$