During 2020, Carson Networks, Inc. earned revenues of $700 million Expenses totalled $590 million Carson collected all but $26 million of the revenues and paid $580 million on its expenses Carson's top managers are evaluating the year, and they ask you the following questions. a. Under accrual accounting, what amount of revenue should the company report for 2020? Is the $700 million revenue earned or is it the amount of cash actually collected? Under accrual accounting, what amount of total expense should Carson report for the year-$590 million or $580 million? Which financial statement reports revenues and expenses? Which statement reports cash receipts and cash payments? b. C. a. Under accrual accounting, what amount of revenue should the company report for 2020? Is the $700 million revenue earned or is it the amount of cash actually collected? The amount of revenue that should be reported for the year is $ Therefore the amount of revenue reported is million. The revenue recognition principle says to record revenue when it has been V regardless of when what Carson b. Under accrual accounting, what amount of total expense should Carson report for the year-$590 million or $580 million? The amount of total expense that should be reported for the year is $ million. The governs matching expenses against revenues earned. c. Which financial statement reports revenues and expenses? Which statement reports cash receipts and cash payments? reports cash receipts cash payments The reports revenues and expenses. The