During 2017, Valley Sales, Inc. eamed revenues of $570,000 on account. Valley Salos collected $470,000 from customers during the year. Expenses totalled $460,000, and the related cash payments were $440,000. Show what Valley Sales would report on its 2017 income statement, and compute net income under the 1. a. Cash basis. b. Aocrual basis. 2. Which basis measures net income more appropriately? Explain your answer. Requirement 1. Show what Valley Sales would report on its 2017 income statement under the a. Cash basis and b. Accrual basis. Compute net inoome under both bases of accounting Begin by entering the amounts to calculate the net income. Then calculate net income under the cash basis and accrual basis of accounting a. Cash Basis Revenues Expenses Net Income