The following data were taken from the records of Archie and Sons Company at the end of fiscal year 2020.

	12/31/2020	12/31/2019	Increases (Decreases)
Accounts Receivable	150	175	(25)
Allowance for Doubtful Accounts	1	1.5	(0.5)
Inventory	312	250	62
Payables (related to inventory)	190	170	20
Taxes payable	50.5	100	(49.5)
Deferred tax liability	23	19	4

In addition the following data are available:

1. Sales on account were $492 and cash sales were $1,990.
2. Cash purchases of inventory totaled $180 and credit purchases of inventory totaled $1,200.
3. Bad Debt Expense for the year is $2.
4. All operating expenses besides Bad Debt Expense were paid in cash totaling $850.
5. Taxable Income for 2020 was $250 and the applicable tax rate is 35%.

REQUIRED: Based on the above data, fill in the blanks to complete the following income statements both on an accrual basis and on a cash basis. You do not need to put any numbers in parentheses as the setup is very clear already.

	Cash Basis	Accruals Basis
Sales Revenue
- Cost of Goods Sold
- Operating Expenses
- Income Tax Expense
= Net Income	xxx	xxx