Office Palace,Inc

question 46

Multiple Choice

Office Palace,Inc. ,leased an all-in-one printer to a new customer,Ashley,on December 27,2015.The printer was to rent for $600 per month for a period of 36 months beginning January 1,2016.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 2015,if Office Palace is an accrual basis taxpayer.
• B)$7,800 in 2016,if Office Palace is a cash basis taxpayer.
• C)$2,700 in 2015,if Office Palace is a cash basis taxpayer.
• D)$1,200 in 2015,if Office Palace is an accrual basis taxpayer.
• E)None of these.

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