1. Brandt Corp. recently began operations. Brandt uses the accrual accounting method. In Year 1, Brandt provided services to its customers and billed those customers for $630,000. However, Brandt collected only $520,000 cash in Year 1 , and the remaining $110,000 was collected in Year 2. In Year 1, Brandt's employees earned $250,000 in wages that were not paid until the first week of Year 2. Based only on this information, how much net income should Brandt Corp. report for Year 1? 2. Brandt Corp. recently began operations. Brandt uses the accrual accounting method. In Year 1, Brandt provided services to its customers and billed those customers for $630,000. However, Brandt collected only $520,000 cash in Year 1 , and the remaining $110,000 was collected in Year 2. In Year 1, Brandt's employees earned $250,000 in wages that were not paid until the first week of Year 2. Based only on this information, how much net income should Brandt Corp. report for Year 2