Malo, Incorporated uses a fiscal year ending June $30.$ On May $29,$ Malo received a check for $$3,900$ from a business that leases

parking spaces in Malo's parking garage. This payment was for the three$-$month period beginning June $1.$ On June $15,$ Malo sent an

invoice for $$5,500$ to a customer for services rendered during May and June. Malo received payment from the customer on July $3.$

Required:

a$.$ If Malo is a cash basis taxpayer, how much income should it recognize from the given transactions in the current fiscal year?

b$.$ If Malo is an accrual basis taxpayer, how much income should it recognize from the given transactions in the current fiscal year?

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If Malo is a cash basis taxpayer, how much income should it recognize from the given transactions in the current fiscal year?