On January 1, 2025, Norma Smith and Grant Wood formed a computer sales and service company in Soapsville, Arkansas, by investing $90,176 cash. The new company, Nash Sales and Service, has the following transactions during January. 1. Pays $6,000 in advance for 3 months' rent of office, showroom, and repair space. 2. 3. 4. 5. Purchases 42 personal computers at a cost of $1,604 each, 8 graphics computers at a cost of $2,604 each, and 27 printers at a cost of $404 each, paying cash upon delivery. Sales, repair, and office employees earn $12,776 in salaries and wages during January, of which $3,176 was still payable at the end of January. Sells 32 personal computers at $2,654 each, 6 graphics computers for $3,704 each, and 17 printers for $604 each; $75,176 is received in cash in January, and $42,244 is sold on a deferred payment basis. Other operating expenses of $8,576 are incurred and paid for during January; $2,176 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 either a negative sign preceding the number, e.g. -45 or parentheses e.g. (45).) Revenues Expenses NASH SALES AND SERVICE Income Statement For the Month Ended January 31, 2025 (1) Cash Basis Cost of Computers & Printers Salaries and Wages Rent +A 76316 103720 +A (2) Accrual Basis 120720 77120 9600 i 13916 12000 4000