On January 1, 2017, Norma Smith and Grant Wood formed a computer sales and service company in Soapsville, Arkansas, by investing $91,696 cash. The new company, Pharoah Sales and Service, has the following transactions during January 1. Pays $9,000 in advance for 3 months' rent of office, showroom, and repair space. 2. Purchases 42 personal computers at a cost of $1,684 each, 8 graphics computers at a cost of $2,684 each, and 27 printers at a cost of $484 each, paying cash upon delivery 3. Sales, repair, and office employees earn $14,296 in salaries and wages during January, of which $4,696 was still payable at the end of January. 4. Sells 32 personal computers at $2,734 each, 6 graphics computers for $3,784 each, and 17 printers for $684 each; $76,696 is received in cash in January, and $45,124 is sold on a deferred payment basis 5. Other operating expenses of $10,096 are incurred and paid for during January; $3,696 of incurred expenses are payable at January 31 Using the transaction data above, prepare (1) a cash-basis income statement and (2) an accrual-basis income statement for the month of January. (Enter loss using