Cornerstone Exercise 3-12 (Algorithmic) Accrual- and Cash-Basis Revenue McDonald Music sells used CDs for?1.00 each. During the month of April, McDonald sold 8,520 CDs for cash and 15,360 CDs on credit. McDonald's cash collections in April included $8,520 for the CDs sold for cash, $10,300 for CDs sold on credit during the previous month, and $9,850 for CDs sold on credit during April. Required: 1. Calculate the amount of revenue recognized in April under cash-basis accounting. 2. Calculate the amount of revenue recognized in April under accrual-basis accounting