P3-62A. (Learning Objective 1: Comparing cash basis and accrual basis) Ethan Consulting had the following transactions in May: Requirements 1. Show how each transaction would be handled using the cash basis and the accrual basis. 2. Compute May income (loss) before tax under each accounting method. 3. Indicate which measure of net income or net loss is preferable. Use the transactions on May 11 and May 24 to explain