Accrual- and Cash-Basis Revenue McDonald Music sells used CDs for $1.00 each. During the month of April, McDonald sold 8,660 CDs for cash and 16,190 CDs on credit. McDonald's cash collections in April included $8,660 for CDs sold for cash, $10,300 for CDs sold on credit during the previous month, and $9,850 for CDs sold on credit during April. Required: 1. Calculate the amount of revenue recognized in April under cash-basis accounting. $ 2. Calculate the amount of revenue recognized in April under accrual-basis accounting