Determine the amount, If any, of income that must be recognized in the 2018 tax year based on the following facts. Baker & Frost, LLC ("Baker"), a cash basis engineering firm, performed services for REAL, Inc., a real estate development company, and billed REAL $50,000 in April of 2018. REAL transferred a single lot of real estate on July 1, 2018 that was worth $44,000 at the time. On December 31, 2018, REAL acknowledged by email to Baker that REAL still owed $6,000 on its bill and indicated that it would likely make payment in the first quarter of 2019. The lot was worth only $10,000 as of December 31, 2018. (1) Frank & Patty's Fine Meats, LLC ("F&P"), a cash basis taxpayer, is a sandwich meat supplier that is owned by Frank and Patty Jones. Since Frank and Patty were on a 10 day Cruise celebrating the New Year, they had their nephew Lenny, a former employee of F&P, pick up a check for $3,500 from Joe's Dell, a client of F&P, at 4pm on December 31, 2018, just before closing time. Lenny hand delivered the check to Frank after Frank's cruise and Frank deposited the check into the F&P bank account on January 15, 2019. (ii) Landlord Corporation, an accrual basis taxpayer, rents an apartment starting on December 1, 2018 to Sam, an individual, and in November of 2018 Sam provides a check for $7,750 for his first and last month's rent of $2,500 each as well as a fully refundable deposit of $2,500 and a non-refundable application fee of $250. (ii) Wally, Inc., an accrual basis retail taxpayer sells $27,000 in merchandise online on December 30th and December 31" 2018 via credit card payments. The credit card payments are settled the same day and reflected in Wally Inc.'s merchant account, but are not deposited into Wally Inc.'s bank account until January 2, 2019. Would your answer change if Wally were cash basis? (iv)