Problem $5-43($LO $5-1)($Algo$)$

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Although Hank is retired, he is an excellent handyman and often works part time on small projects for neighbors and friends. Last week his neighbor, Mike, offered to pay Hank $$530$ for minor repairs to his house. Hank completed the repairs in December of this year. Hank uses the cash method of accounting and is a calendar$-$year taxpayer. Compute Hank's gross income for this year from each of the following alternative transactions:

Problem $5-43$ Part c $($Algo$)$

c$.$ Mike bought Hank a new set of snow tires and gave them to Hank in December. The tires typically sell for $$530,$ but Mike bought them on sale for $$477.$