Cash basis: Net Income of $130,000; Accrual basis: Net Income of $30,000. Smith & Associates had the following information available related to revenues and expenses for the current period: Cash basis: Net Loss of $30,000; Accrual basis: Services provided for cash - $120,000 Services provided on account-$200,000 Expenses paid in cash - $150,000 Expenses incurred on account-$40,000 Net Income of $130,000 Cash basis: Net Loss of $130,000; Accrual basis Net Income of $30,000. Assuming no subsequent collection or payment for revenues and expenses on account, what is Smith & Associates net income under both the cash and accrual basis of accounting? Cash basis: Net Income of $30,000; Accrual basis: Net Income of $130,000