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 $500 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: 1. Mike paid Hank $200 in cash in December of this year and promised to pay the remaining $300 with interest in hree months. Gross Income b. 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 $400. Hank went to the game with his son. Gross Income c. Mike bought Hank a new set of snow tires. The tires typically sell for $500, but Mike bought them on sale for $450. Gross Income