Exercise 3-41 Cash-Basis and Accrual-Basis Accounting The records of Summers Building Company reveal the following information for 2019. a. Cash receipts during 2019 (including $50,000 paid by stockholders in exchange for common stock) were $273,500. b. Cash payments during 2019 (including $8,000 of dividends paid to stockholders) were $164,850. C. Total selling price of services billed to customers during 2019 was $201,700. d. Salaries earned by employees during 2019 were $114,250. e. Cost of supplies used during 2019 in operation of the business was $47,325. Required: 1. Calculate Summers Building's net income for 2019 on an accrual basis. $ 1x 2. Calculate Summers Building's net income for 2019 on a cash basis