Ivanhoe Industries collected $104,000 from customers in 2022. Of the amount collected, $24,800 was for services performed in 2021. In addition, Ivanhoe performed services worth $41,600 in 2022, which will not be collected until 2023. Ivanhoe Industries also paid $72,200 for expenses in 2022. Of the amount paid, $30,200 was for expenses incurred on account in 2021. In addition, Ivanhoe incurred $40,800 of expenses in 2022, which will not be paid until 2023. (a) Compute 2022 cash-basis net income. Cash-basis net income $ (b) Compute 2022 accrual-basis net income. Accrual-basis net income $

Ivanhoe Industries collected $104,000 from customers in 2022 . Of the amount collected, $24,800 was for services performed in 2021 . In addition, Ivanhoe performed services worth $41,600 in 2022 , which will not be collected until 2023. Ivanhoe Industries also paid $72,200 for expenses in 2022. Of the amount paid, $30,200 was for expenses incurred on account in 2021. In addition, Ivanhoe incurred $40,800 of expenses in 2022 , which will not be paid until 2023. (a) Compute 2022 cash-basis net income. Cash-basis net income 5 (b) Compute 2022 accrual-basis net income. Accrual-basis net income