5.Jeremy is a calendar-year taxpayer who sometimes leases his business equipment to local organizations. He recorded the following receipts this year: $840 from the Ladies Club for leasing the trailer from December of this year through March of next year ($210 per month). How much of this payment is taxable income to Jeremy this year if Jeremy is a cash-method taxpayer?

6.Jeremy is a calendar-year taxpayer who sometimes leases his business equipment to local organizations. He recorded the following receipts this year: $500 lease payment received from the Mens Club this year for renting Jeremys trailer last year. Jeremy billed them last year. How much of this payment is taxable income to Jeremy this year if Jeremy is an accrual-method taxpayer?

7.In January of year 0, Justin paid $6,800 for an insurance policy that covers his business property for accidents and casualties. Justin is a calendar-year taxpayer who uses the cash method of accounting. The policy covers the business property from April 1 of year 0 through March 31 of year 1. What amount of the insurance premium may Justin deduct in year 0?

8.In January of year 0, Justin paid $6,800 for an insurance policy that covers his business property for accidents and casualties. Justin is a calendar-year taxpayer who uses the cash method of accounting. The policy begins on February 1 of year 1 and extends through January 31 of year 2. What amount of the insurance premium may Justin deduct in year 0?