Art Aubrey owns and operates an apartment building. During 2012, he received the following:

• Payment on 6/1/12 for 12 months of advance rent: $4,800
• Monthly rent payments: $43,200
• Security deposits to be returned to tenants at end of lease: $3,000
• Payments for cancelling a lease: $400
• Deductible maintenance rental expenses paid by tenants: $600

What is Art's gross rental income? (Points : 17)