Near the end of its first year of operations, December 31, 2021, Oriole Designs Ltd. approached the local bank for a $21,300 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 Cash Payments Issue of common shares $ 21,900 Fees earned 150.300 Equipment $33,600 Supplies 8.100 18.400 Rent 3.840 Insurance 6.600 Income tax 6.800 Advertising 57.700 Salaries d Rent 18,400 Insurance 3,840 Income tax 6,600 Advertising 6,800 Salaries 57,700 Dividends declared 11,000 $172,200 $146,040 Additional information: 1. Fees from design work earned but not yet collected amounted to $2.560. 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 $1,260. 3. Supplies on hand on December 31 were $1,260. 4. Rent payments included a $1,370 per month rental fee and a $1,960 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, 2022. 6. Salaries earned for the last four days in December and to be paid in January 2022 amounted to $2,950. 7. At year end, it was determined that an additional $7,500 is owed for income tax. (a) Calculate total revenue, total expense, and net income that would be reported if Oriole Designs used the cash basis of accounting. Total revenue $ Total expense LA 7. At year end, it was determined that an additional $7,500 is owed for income tax. (a) Calculate total revenue, total expense, and net income that would be reported if Oriole Designs used the cash basis of accounting. $ Total revenue $ Total expense $ Cash-based net income e Textbook and Media