Sunland Industries collected $104,000 from customers in 2020. Of the amount collected, $25,800 was for services performed in 2019. In addition, Sunland performed services worth $38,200 in 2020, which will not be collected until 2021. Sunland Industries also paid $71,000 for expenses in 2020. Of the amount paid, $29,400 was for expenses incurred on account in 2019. In addition, Sunland incurred $40,400 of expenses in 2020, which will not be paid until 2021. (a) Compute 2020 cash-basis net income.

Cash-basis net income

$

(b) Compute 2020 accrual-basis net income.

Accrual-basis net income

$