Copy of In 2019, Squid Inc experienced the following business activities: 1. Delivered $30,000 of service revenue on credit. 2. Incurred $7,000 of expenses on credit. 3. Collected $35,000 of accounts receivable ($28,000 for services fulfilled in 2019, and $7,000 for sales fulfilled in 2018). 4. Paid off $5,000 of accounts payable for expenses incurred in 2019 Under Cash-basis accounting, Squid Inc's net income is $ Under Accruals-basis accounting, Squid Inc's net income is $