Question $37$

Office Palace, Inc., signed a contract to lease an all$-$in$-$one printer to a new customer, Ashley, on December $2$

beginning January $1,2025.$ Ashley was required to pay the first and last month's rent at the time the leas

Palace must recognize as income for the lease:

a$.$ $$0$ in $2024,$ if Office Palace is an accrual basis taxpayer.

b$.$ $$7,800$ in $2025,$ if Office Palace is a cash basis taxpayer.

c$.$ $$2,700$ in $2024,$ if Office Palace is a cash or accrual basis taxpayer.

d$.$ $$1,200$ in $2024.$