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Ralph, a cash basis taxpayer, owns an office building that he leases to various tenants....

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Accounting

Ralph, a cash basis taxpayer, owns an office building that he leases to various tenants. During 20X8, he signed a three-year lease with a tenant and received a check for $16,000 for the following: Rent for November 1, 20X8 to October 31, 20X9 $12,000 Advance rent for the last three months of the lease $3,000 Security deposit (refundable) $1,000 How much income must Ralph report for 20X8?

$2,000

$5,000

$6,000

$15,000

$16,000

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