P 1-2 The following data relate to Jones Company for the year ended December 31,2011: Sales on credit Cost of inventory sold on credit Collections from customers Purchase of inventory on credit Payment for purchases Cash collections for common stock Dividends paid Payment to salesclerk $80,000 65,000 60,000 50,000 55,000 30,000 10,000 10,000 continued) P 1-2 CONTINUED Required a. Determine income on an accrual basis. b. Determine income on a cash basis