2 3 points Joan is an accrual basis taxpayer. A renter pays Joan the January 2021 rent in December 2020. What are the tax effects of this transaction? I. Joan will recognize rent income in 2020. II. The wherewithal-to-pay concept requires Joan to recognize the income in 2020. O None of the statements are correct. Only statement II is correct. Both statements are correct. O Only statement I is correct. Ben sold 100 shares of Legal Eagle, Inc., for $13,000, but he only recognized $2,000 as income because the original purchase price was $11,000. This is because of the: O all-inclusive income concept. legislative grace concept. capital recovery concept. ability-to-pay concept. arm's-length transaction concept