Question 8 Al is a physician who conducts his practice as a sole proprietor. During 2020, he received cash of $695,200 for medical services. Of the amount collected, $38,400 was for services provided in 2019. At the end of 2020, Al held accounts receivable of $93,100, all for services rendered in 2020. In addition, at the end of the year, Al received $18,000 as an advance payment from a health maintenance organization (HMO) for services to be rendered in 2021. a. Compute Al's gross income for 2020 using the cash basis of accounting. b. Compute Al's gross income for 2020 using the accrual basis of accounting.