On January 1,2025, Norma Smith and Grant Wood formed a computer sales and service company in Soapsville, Arkansas, by investing $91,772 cash. The new company, Blossom 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 43 personal computers at a cost of $1,688 each, 9 graphics computers at a cost of $2,688 each, and 28 printers at a cost of $488 each, paying cash upon delivery. 3. Sales, repair, and office employees earn $14,372 in salaries and wages during January, of which $4,772 was still payable at the end of January. 4. Sells 33 personal computers at $2,738 each, 7 graphics computers for $3,788 each, and 18 printers for $688 each; $76,772 is received in cash in January, and $52,482 is sold on a deferred payment basis. 5. Other operating expenses of $10,172 are incurred and paid for during January; $3,772 of incurred expenses are payable at January 31. Income Statement For the Year Ended January 31, 2025 (1) Cash Basis (2) Accrual Basis Revenues $ $ Expenses Rent 9,000 3,000 Salaries and Wages Other Operating Expenses Cost of Computers \& Printers Total Expenses Net Income / (Loss)