Cullumber Industries collected $104,000from customers in 2020. Of the amount collected, $24,300was for services performed in 2019. In addition, Cullumber performed services worth $40,300in 2020, which will not be collected until 2021.

Cullumber Industries also paid $71,800for expenses in 2020. Of the amount paid, $30,500was for expenses incurred on account in 2019. In addition, Cullumber incurred $41,800of expenses in 2020, which will not be paid until 2021.

(a)Compute 2020 cash-basis net income.

Cash-basis net income$

(b)Compute 2020 accrual-basis net income.

Accrual-basis net income$