Andy operates a gym. He sells memberships that entitle the member to use the facilities at any time. A one-year membership costs $360 ($360/12 = $30 per month); a two-year membership costs $600 ($600/24 = $25 per month). Cash payment is required at the beginning of the membership period. For financial statement purposes, the income is recognized ratably. On July 1, 2024, Andy sold a one-year membership and a two-year membership. Andy utilizes Revenue Procedure 2004-34 where available. I. If Andy is a cash basis taxpayer, his 2024 gross income from the contracts is $960 ($360 + $600). II. If Andy is an accrual basis taxpayer, his 2024 gross income from the contracts is $330 [(6/12 x $360) + (6/24 x $600)]. III. If Andy is an accrual basis taxpayer, his 2024 gross income from the contracts is $960 ($360 +$600). Group of answer choices Only I is true. Only I and II are true. Only III is true. Only II is true. Only I and III are true