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Question 1 Not yet answered Marked out of 1.00 P Flag question In its first year of operations, Harrington Pty Ltd earned $115000 in services revenue, $65550 of which was on account and still outstanding at the end of the reporting period. The remaining $49450 was received in cash from customers. The company paid expenses of $44850 in cash. Included in the $44850 paid is $15250 for insurance coverage that will not be used until the second year. Additionally, there is $31400 still owing on account at the end of the reporting period. Important: - In the answers below, do not include "$" sign or any thousands separators, i.e. $46,000 should be written as 46000. Include the minus (-) sign only for the cash-based or accrual-based profit if the amount is negative. Do not include the minus (-) sign for expenses. Required a. Apply cash accounting to calculate the first year profit of Harrington Pty Ltd. Income = $ Expenses = $ Cash-based profit = $ b. Apply accrual accounting to calculate the first year profit of Harrington Pty Ltd. Income = $ Expenses = $ Accrual-based profit = $