Exercise 3-19 (Part Level Submission) Coronado Corp. maintains its financial records on the cash basis of accounting. Interested in securing a long-term loan from its regular bank, Coronado Corp. requests you as its independent CPA to convert its cash-basis income statement data to the accrual basis. You are provided with the following summarized data covering 2016, 2017, and 2018. 2016 2017 2018 $ 27,460 $292,020 -O- $163,350 385,180 373,280 Cash receipts from sales: On 2016 sales On 2017 sales On 2018 sales Cash payments for expenses: On 2016 expenses On 2017 expenses On 2018 expenses 181,360 40,760 a 65,930 168,870 49,420 6 26,670 52,050 220,490 Prepayments of 2017 expenses. Prepayments of 2018 expenses. (a) Your answer is correct. Using the data abave, prepare abbreviated income statements for the years 2016 and 2017 on the cash basis. (Enter loss using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) CORONADO CORP. Income Statement (Cash Basis) For the Year Ended December 31, 2016 2017 Sales Revenue 548530 T Expenses -284220 | Net Income / (Loss) 69900 T 264310 Click if you would like to Show Work for this question: Open Show Work (b) Using the data above, prepare abbreviated income statements for the years 2016 and 2017 on the accrual basis. (Enter loss using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) CORONADO CORP. Income Statement (Accrual Basis) 2016 2017 Sales Revenue Expenses Net Income / (Loss)