Receipt of advanced payments. (Obj. 1) On May 1, 2021, an insurance company sells a three-year insurance policy to one of its customers. The cost of the premiums is $1,200. The insurance company uses the accrual basis and a calendar ycar. 2. What amount of the $1,200 must the company include in its gross income during each year of the policy (20212024) ? b. Would your answer change if the company uscd the cash basis? Explain