Question 3 (8 marks) Carter Company has tracked the sales revenues and expenses for the month of March 2020. The table below reports what the company earned in sales revenues or incurred as an expense, including the amount of cash the company can expect to receive or pay next period. Sales Revenues Utilities Expense Salaries Expense Sales Revenues Sales Revenues Depreciation Expense Supplies Expense Required Total Sales Revenue or Expense $15,000 $800 Cash to be received or paid in next period $12,000 $160 $17,000 $8,000 $9,000 $900 $13,500 $0 $5,000 $0 $4,500 $2,800 1. Calculate the net income for March 31, 2020 under accrual basis of accounting and cash basis of accounting. 2. If you were reviewing this company, which basis of accounting would fairly represent the company and why.