The following balances were taken from Takashi Company Interest Revenues $ 160 000 Rent revenues $ 10000 $ Rent expenses $ 20 000# Salaries $ 40 000 Electricity Expenses $ 40 000# Phone expenses$ 60 000# Stationery expenses $ 10 000 At the end of accounting period appeared that: Interest revenues $16 000 / month Rent revenues $ 8000 annually Rent expenses $ 2000 / month. Salaries $4000 / month. Electricity expense $2000/month. Phone expense $4000 / month Required Prepare income statement according to cash and accrual basis Revenues Interest revenues Rent revenues Less expenses Rent expenses Salaries Electricity Expenses Phone expenses Stationery expenses Total expenses Net Income Income statement Accrual basis Cash basis