ered f1.00 The following is selected information from Majan Corporation for the fiscal year ending March 31, 2011. Cash received from customers $24,000 from previous years accrued revenue; Revenue earned 28,000; Cash paid for expenses 13,600 for previous accrued expenses, Cash paid for computers on April 1, 2010 3,840 that will be used for 3 years (annual depreciation is $1,280); Expenses incurred, not including any depreciation 16,000; Proceeds from a bank loan, part of which was used to pay for the computers 8,000; Based on the accrual basis of accounting, what is Majan Corporation's net income for the year ending March 31, 2011 tion Select one: O a $6,560 O b. $12,000 Oc$9,120 d. $10,720