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[The following information applies to the questions displayed below.] Jeremy is a calendar-year taxpayer who sometimes leases his business equipment to local organizations. He recorded the following receipts this year. Indicate the extent to which these payments are taxable income to Jeremy this year if Jeremy is (1) a cash-method taxpayer and (2) an accrual-method taxpayer. (Leave no answers blank. Enter zero if applicable.)

b. $1,040 from the Ladies' Club for leasing the trailer from December of this year through March of next year ($260 per month). Income under cash method Income under accrual method c. $695 lease payment received from the Men's Club this year for renting Jeremy's trailer last year. Jeremy billed the club last year but just recently received the check. Income under cash method Income under accrual method