Required Information Problem 5-50 (LO 5-2) (Algo) [The following Information applies to the questions displayed below.] Ralph owns a building that he is trying to lease. Ralph is a calendar-year, cash-method taxpayer and is trying to evaluate the tax consequences of three different lease arrangements. Under lease 1, the building rents for $630 per month, payable on the first of the next month, and the tenant must make a $630 security deposit that is refunded at the end of the lease. Under lease 2, the building rents for $6,930 per year, payable at the time the lease is signed, but no security deposit is required. Under lease 3, the building rents for $630 per month, payable at the beginning of each month, and the tenant must pay a security deposit of $1,260 that is to be applied toward the rent for the last two months of the lease. (Leave no answers blank. Enter zero if applicable.) Problem 5-50 Part-c (Algo) c. What amounts are included in Ralph's gross income this year if the tenant signs lease 3 on November 30 and makes timely payments under that lease? Answer is complete but not entirely correct. Amount included in Gross Income S 2,720