Moksh Ltd. started business on January 1, 2020. The following transactions occurred in 2020: 1. 2. 3. 4. On January 1, the company received $690,000 when it issued 10,000 common shares. On January 1, the company borrowed $252,000 from the bank at 6% annual interest. The loan principal is due in three years. On January 3, the company purchased land and a building for a total of $695,000 cash. The land was recently appraised at a fair market value of $397,000. (Note: Because the building will be depreciated in the future and the land will not, these two assets should be recorded in separate accounts.) Inventory costing $188,000 was purchased, of which $99,000 was on account. Based on the following transactions, answer the following questions. i. Credit sales to customers totalled $27,300. ii. Cash sales totalled $89,700. iii. Cash collections on account from customers totalled $23,400. iv. Cost of goods sold during the period was $66,300. V. Payments made to suppliers of inventory totalled $58,500. vi. vii. Wages of $26,000 were paid during the year. In addition, wages of $2,000 remained unpaid at year end; there were no wages unpaid at the beginning of the year. Halfway through the year, a one-year insurance policy was purchased at a cost of $800. (a) Calculate the revenues, expenses, and net income that would be reported on the cash basis. (Enter loss amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) Revenues Expenses Net Income / (Loss) $