Exercise 6 (5 Points) On January 1, 2015, Norma Smith and Grant Wood formed a computer sales and service enterprise in Manchester, U.K., by investing 90,000 cash. The new company, Lakeland Sales and Service, has the following transactions during January. 1. Pays 6,000 in advance for 3 months' rent of office, showroom, and repair space. 2. Purchases 40 personal computers at a cost of 1,500 each, 6 graphics computers at a cost of 2,500 each, and 25 printers at a cost of 300 each, paying cash upon delivery. 3. Sales,repair,andofficeemployeesearn12,600 insalariesandwagesduring January, ofwhich 3,000 was still payable at the end of January. 4. Sells 30 personal computers at 2,550 each, 4 graphics computers for 3,600 each, and 15 printers for 500 each; 75,000 is received in cash in January, and 23,400 is sold on a deferred payment basis. 5. Other operating expenses of 8,400 are incurred and paid for during January; 2,000 of incurred expenses are payable at January 31. Instructions (a) Using the transaction data above, prepare for the month of January (1) a cash-basis income statement, and (2) an accrual-basis income statement