QUESTION 17 Office Palace, Inc., leased an all-in-one print er to a new customer, Ashley, on December 27, 2020. The printer was to rent for $600 per month for a period of 36 months beginning January 1, 2021. Ashley was required to pay the first and last month's rent at the time the lease was signed. Ashley was also required to pay a $1,500 damage deposit. Office Palace must recognize as income for the lease: a. $0 in 2020, if Office Palace is an accrual basis taxpayer. b. $7,800 in 2021, if Office Palace is a cash basis taxpayer. C. $2,700 in 2020, if Office Palace is a cash or accrual basis taxpayer. d. $1,200 in 2020