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Exercise 3-19 Coronado Corp. maintains its financial records on the cash basis of accounting. Interested in securing a long-term loan from its regular bank, Coronado Corp. requests you as its independent CPA to convert its cash-basis income statement data to the accrual basis. You are provided with the following summarized data covering 2016, 2017, and 2018. 2016 2017 2018 Cash receipts from sales: On 2016 sales $268,750 $159,340 $28,810 On 2017 sales -0- 359,890 94,820 On 2018 sales 402,820 Cash payments for expenses: On 2016 expenses 182,410 72,610 27,110 On 2017 expenses 37,430 a 146,480 53,010 On 2018 expenses 48,240 206,570 aPrepayments of 2017 expenses. bPrepayments of 2018 expenses. (a) Using the data above, prepare abbreviated income statements for the years 2016 and 2017 on the cash basis. (b) Using the data above, prepare abbreviated income statements for the years 2016 and 2017 on the accrual basis