Consider the following three situations: I. On June 1, ABC performed lawn maintenance services for Drake Inc. and received payment of $ 500 for those services that same day. II. On June 1, ABC received $ 200 in payment for 100 pounds of grass seed to be delivered to Drake Inc. within 6 months. III. On June 1, ABC received $ 700 from a customer in payment for maintenance services rendered on May 1. How much income is recognized on June 1? a. $ 1,200 b. $ 500 c. $ 700 d. $ 1,400