Listed below are several transactions that took place during the second and third years of operations for the RPG Company. Year 2 Year 3 $440,000 $540,000 350,000 490,000 Amounts billed to customers for services rendered Cash collected from credit customers Cash disbursements: Payment of rent Salaries paid to employees for services rendered during the year Utilities Advertising 89,000 149,000 39,000 19,500 0 169,000 49,000 44,000 In addition, you learn that the company incurred advertising costs of $34,000 in year 2, owed the advertising agency $5,900 at the end of year 1, and there were no liabilities at the end of year 3. Also, there were no anticipated bad debts on receivables, and the rent payment was for a two-year period, year 2 and year 3. Required: 1. Calculate accrual net income for both years. 2. Determine the amount due the advertising agency that would be shown as a liability on RPG's balance sheet at the end of year 2. Answer is not complete. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Calculate accrual net income for both years. Year 2 790,000 Year 3 $ 1,030,000 X Revenues $ Expenses: Rent 0 X 89,000 149,000 169,000 39,000 Salaries Utilities Advertising Net income 19,500 X 493,500 X $ 49,000 44,000 X 768,000 X $