Marin Corp. maintains its financial records on the cash basis of accounting. Interested in securing a long-term loan from its regular bank, Marin Corp. requests you as its independent CPA to convert its cash-basis income statement data to the accrual basis. You are provided with the following summarized data covering 2016, 2017, and 2018.

2016

2017

2018

Cash receipts from sales:On 2016 sales$270,700$168,230$27,090On 2017 sales-0-

355,34090,130On 2018 sales429,650Cash payments for expenses:On 2016 expenses200,90062,59024,730On 2017 expenses42,600^a145,10054,980On 2018 expenses48,090^b211,040

^aPrepayments of 2017 expenses.

^bPrepayments of 2018 expenses.

Using the data above, abbreviated income statements for the years 2016 and 2017 on the cash basis.