s3-1(Learning Objective 1 : Explain how accrual accounting differs from cash-basis accounting ) Southeast Corporation made sales of $825 million during 2014. Of this amount, Southeast collected cash for all but $27 million. The company's cost of goods sold was $225 million, and all other expenses for the year totaled $325 million. Also during 2014, Southeast paid $350 million for its inventory and $255 million for everything else. Beginning cash was $75 million. Southeast's top management is interviewing you for a job and they ask two questions. a. How much was Southeast's net income for 2014 b. How much was Southeast's cash balance at the end of 2014