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Connect Assets Learn: Mind Tap Chapter 1 homework Saved Help Save & E Exercise 1-2 (Algo) Accrual accounting (LO1-2) Listed below are several transactions that took place during the second and third years of operations for the RPG Company. Year 2 Year 3 Amounts billed to customers for services rendered $280,000 $380,000 Cash collected from credit customers 190,000 330,000 Cash disbursements: Payment of rent 73,000 Salaries paid to employees for services rendered during the year 133,800 153,000 Utilities 23,800 33,000 Advertising 11,500 28,000 In addition, you learn that the company incurred advertising costs of $18,000 in year 2, owed the advertising agency $4,300 at the end of year 1, and there were no liabilities at the end of year 3. Also, there were no anticipated bod debts on receivables, and the rent payment was for a two-year period, year 2 and year 3. Required: 1. Calculate accrual net income for both years. 2. Determine the amount due the advertising agency that would be shown as a liability on RPG's balance sheet at the end of year 2. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Calculate accrual net income for both years. in addition, you learn that the company incurrea aavertising costs OT $18,000 in year of year 1, and there were no liabilities at the end of year 3. Also, there were no anticip payment was for a two-year period, year 2 and year 3. Required: 1. Calculate accrual net income for both years. 2. Determine the amount due the advertising agency that would be shown as a liabilit Complete this question by entering your answers in the tabs below. Required 1 Required 2 Calculate accrual net income for both years. Year 2 280,000 $ Year 3 380,000 $ Revenues Expenses: Rent Salaries Utilities Advertising Net income (36,500) 133,000 23,000 (36,500) 153,000 33,000 Required Required 2