Primo Industries collected $105,000 from customers in 2022. Of the amount collected, $25,000 was for services performed in 2021. In addition, Primo performed services worth $40,000 in 2022, which will not be collected until 2023. Primo Industries also paid $72,000 for expenses in 2022. Of the amount paid, $30,000 was for expenses incurred on account in 2021. In addition, Primo incurred $42,000 of expenses in 2022, which will not be paid until 2023. What is the cash basis net income and what is the accural basis net income

Primo Industries collected $105,000 from customers in 2022 . Of the amount collected, $25,000 was for services performed in 2021 . In addition, Primo performed services worth $40,000 in 2022 , which will not be collected until 2023. Primo Industries also paid $72,000 for expenses in 2022, Of the amount paid, $30,000 was for expenses incurred on account in 2021. In addition, Primo incurred $42,000 of expenses in 2022 , which will not be paid until 2023. (a) Compute 2022 cash-basis net income. Cash-basis net income (b) Compute 2022 accrual-basis net income. Accrual-basis net income