Problem 2 The following is selected information from L Corporation for the fiscal year ending October 31, 2011. $300,000 370,000 170,000 Cash received from customers Revenue earned - Cash paid for expenses Cash paid for computers on November 1, 2010 that will be used for 3 years Expenses incurred including any depreciation Proceeds from a bank loan, part of which was used to pay for the computers 48,000 216,000 100,000 Based on the accrual basis of accounting, what is L Corporation's net income for the year ending October 31, 2011 1. Calculate the amount of revenues, expenses and net income for 2021 under cash-basis accounting