Based on the following transactions, answer the following questions. 1. Purchased inventory with a cost of $26,300 on account. ii. Sales on account to customers totalled $59,300. iii. Payments made to employees for wages totalled $19,000. iv. Cash collections from customers settling their accounts totalled $42,100. v. Invoice received from the utility company for $3,700 is due in 30 days. vi. Payments totalling $21,100 were made to suppliers to settle part of the balance owing to them. vii. Received a deposit of $2,600 from a customer for goods to be delivered next month. Calculate the revenues, expenses, net income that would be reported on the accrual basis. (Enter loss amounts using either a negative sign preceding theinumber e.g. 45 or parentheses e.g. (45).)