On January 1, 2025, Norma Smith and Grant Wood formed a computer sales and service company in Soapsville, Arkansas, by investing $91,620 cash. The new company, Kingbird Sales and Service, has the following transactions during January. 1. Pays $15,000 in advance for 3 months' rent of office, showroom, and repair space. 2. 3. 4. 5. Purchases 41 personal computers at a cost of $1,680 each, 7 graphics computers at a cost of $2,680 each, and 26 printers at a cost of $480 each, paying cash upon delivery. Sales, repair, and office employees earn $14,220 in salaries and wages during January, of which $4,620 was still payable at the end of January. Sells 31 personal computers at $2,730 each, 5 graphics computers for $3,780 each, and 16 printers for $680 each; $76,620 is received in cash in January, and $37,790 is sold on a deferred payment basis. Other operating expenses of $10,020 are incurred and paid for during January: $3,620 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).) KINGBIRD SALES AND SERVICE Income Statement > (1) Cash Basis (2) Accrual Basis