Claymore Corporation maintains its book on a cash basis. During 2021, the company collected $950,000 in fees from its clients and paid $662,000 in expenses. You are able to determine the following information about accounts receivable, supplies, prepaid rent, salaries payable, and interest payable:

December 31, 2021 December 31, 2020

Accounts receivable $110,000 $120,000

Supplies 18,000 15,000

Prepaid rent 11,000 13,000

Deferred revenue 20,000 18,000

Interest receivable 25,000 22,000

Prepaid Insurance 15,000 17,000

Deferred rent revenue 22.000 26,000

Salaries payable 16,000 18,000

Interest payable 6,000 5,000

In addition, 2021 depreciation expense on office equipment is $20,000.

Copy the statement below and answer in the same format.

Required: Determine accrual-basis 1.) revenue and 2.) expense