Euphoria | S1:E1.... Question 1 You receive $48,000 in year 1 for a job to be started and completed in year 2. However, you purchase materials and supplies to prepare for the upcoming job. Materials and supplies purchased in year 1 cost $38,000. In year 2 you determine that you would need to purchase an additional $25,000 in supplies (10 Marks). Complete the Income Statements using both Cash Basis and Accrual Basis of Accounting: Remember it is two ways/formats of completing the Income Statement. Complete them separately using the same information above. Cash Basis Basis Yr1 Yr2 Revenue Accrual Yr Yr2 Revenue _0_ Supplies Supplies _0_ Profit/Loss Profit/Loss _0_