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 Malos 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: If Malo is a cash basis taxpayer, how much income should it recognize from the given transactions in the current fiscal year? If Malo is an accrual basis taxpayer, how much income should it recognize from the given transactions in the current fiscal year? service performed: prepaid rent income: