Near the end of its first year of operations, December $31,2024,$ Waterway Designs Ltd$.$ approached the local bank for a $$18,700$ loan and was asked to submit financial statements prepared on an accrual basis. Although the company kept no formal accounting records, it did maintain a record of cash receipts and payments. The following information is available for the year ended December $31$:Cash Receipts : Issue of common shares Fees : $21,300,$ Fees earned : $171,300$ Total Cash Receipts : $192,600$Cash Payments: Equipment: $$35,400,$ Supplies : $$8,400,$ Rent : $$18,310,$ Insurance : $$4,080,$ Income tax: $$5,500,$ Advertising: $$6,600,$ Salaries: $$62,000,$ Dividends declared : $$10,100$ Total Cash payments : $$150,390$Additional intormation: $1.$ Fees from design work earned but not yet collected amounted to $$2,430.2.$The equipment was purchased at the beginning of January and has an estimated six$-$year useful life. The company uses straight$-$line depreciation. $3.$ Supplies on hand on December $31$ were $$1,380.4.$ Rent payments included a $$1,360$ per month rental fee and a $$1,990$ deposit that is refundable at the end of the two$-$year lease. $($Hint: Use the Prepaid Rent account for the refundable deposit.$)5.$ The insurance was purchased on February $1$ for a one$-$year period expiring January $31,2025.6.$ Salaries earned for the last two days in December and to be paid in January $2025$ amounted to $$2,810.7.$ At year end, it was determined that an additional $$6,900$ is owed for income tax.$($a$)$ Calculate total revenue, total expense, and net income that would be reported if Waterway Designs used the cash basis of accounting. $1.$Total revenue $?2.$Total expense $?3.$Cash$-$based net income $?$