1. Ivy, Inc. began operations on April 1, 2014 with an initial cash investment of $1,000. Ivy provided services totaling $3,200 in April and received full payment in May. Expenses of $1,500 were incurred in April but not paid until June. During May, Ivy withdrew $500 from the business. Calculate Ivy's net income for the two months ended May 31, 2014 under (a) cash basis and (b) accrual basis