Help Svstem Announcements CALCULATO PRINTER VERSION BACK Pearl Corp. maintains its financial records on the cash basis of accounting. Interested in securing a long-term loan from its reg bank, Pearl Corp. requests you as its independent CPA to convert its cash-basis income statement data to the accrual basis. Ya provided with the following summarized data covering 2016, 2017, and 2018. 2016 2017 2018 Cash receipts from sales: On 2016 sales $294,570 $154,640 $31,880 On 2017 sales -0- 327,000 93,550 On 2018 sales Cash payments for expenses On 2016 expenses 399,140 168,090 61,480 24,210 On 2017 expenses On 2018 expenses 43,130 a 166,850 57,370 48,730 b 210,040 aPrepayments of 2017 expenses. bprepayments of 2018 expenses Using the data above, prepare abbreviated income statements for the years 2016 and 2017 on the cash basis. (Enter loss us either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) PEARL CORP. Income Statement (Cash Basis) For the Year Ended December 31, 2016 2017 Sales Revenue Expenses Net Income/ (Loss) LINK TO TEXT Using the data above, prepare abbreviated income statements for the years 2016 and 2017 on the accrual basis. (Enter loss either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) PEARL CORP. Income Statement (Accrual Basis) For the Year Ended December 31 2017 2016 Siles Revenue Experes Ne: IncomeL