Based on the following transactions, answer the following questions. ii. iii. iv. V. Inventory costing $78,400 was purchased on account. Inventory costing $67,200 was sold for $112,000. Eighty percent of the sales were for cash. Cash collected from credit customers (those who bought on account) totalled $22,400. A lease was signed at the beginning of the year, requiring monthly payments of $1,100. The rent for the first month was paid when the lease was signed. After that, the $1,100 rent was paid on the last day of each month, to cover the following month. Supplies costing $6,200 were purchased for cash. At the end of the year. $600 of the supplies were still unused. vi. (a) Wages of $42,000 were paid during the year. Also, wages of $600 remained unpaid at year end. Your answer is partially correct. Calculate the revenues, expenses, and net income that would be reported on the cash basis. (Enter loss amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).)